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Daily Market Report: Forex

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Sterling rose against the dollar after BOE says that the UK recession was nearing a trough

Thu, Jun 11 2009, 15:50 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • Rupee ended lower owing to strong dollar demand from oil companies. Rupee had opened slightly lower at 47.30 noting the weakness in Asian currencies against the Dollar but extending losses noting the fall in local shares. Rupee movement remained volatile following the movements of the share markets. USD/INR pair ended at 47.61 from 47.24 yesterday.
  • The 6-month and 1-year forward premiums closed at 2.86% and 2.42% as compared to 2.84% and 2.41% yesterday.
  • Sterling rose against the dollar after BOE member Sentance stated that there were encouraging signs that the UK recession was nearing a trough. Dollar had come under pressure in the morning session owing to rise in Treasury yields on reports that BRIC nations had announced plans to move from US denominated bonds to purchase IMF bonds. Rise in UK May CPI expectation helped the currency to strengthen against the greenback. The data print also led the pound to rise to a 6-month high of 0.8502 against the euro. Pound has since pared some of its gains against the greenback ahead of the release of US retail sales data. EUR/USD was at 1.3987 from 1.3984 yesterday and GBP/USD was at 1.6445 from 1.6359 yesterday. USD/JPY was at 98.22 versus 98.12 yesterday.
(These levels are taken at 17:30 IST).

Published on  Thu, Jun 11 2009, 15:50 GMT

0

0

The Dollar weakened against majors on easing risk aversion

Tue, Jan 27 2009, 16:16 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


• The Rupee strengthened on broad Dollar weakness and rise in domestic equity markets. The USD/INR pair ended at 48.94 from 49.27 on Friday.

• The 6-month and 1-year forward premium was at 2.35% and 1.91% as compared at 2.29% and 1.89% on Friday.

• The Dollar weakened against majors on easing risk aversion, after Barclays Plc said that it isn't seeking any further capital and that pretax profits will prove higher than forecast. EUR/USD was at 1.3182 from 1.2960 yesterday and GBP/USD was at 1.4054 from 1.3866 yesterday. USD/JPY was at 88.17 versus 89.42 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, Jan 27 2009, 16:16 GMT

8

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The Sterling gained against the greenback

Fri, Jan 16 2009, 14:16 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


• The Rupee ended stronger on Dollar weakness against majors (except JPY) and on positive equity market cues. The USD/INR pair ended at 48.78 from 49.04 yesterday.

• The 6-month and 1-year forward premium was at 2.31% and 1.80% as compared at 2.26% and 1.76% yesterday.

• The Sterling gained against the greenback on easing risk aversion levels after the Fed provided with a backstop facility for the Bank of America. EUR/USD was at 1.3287 from 1.3197 yesterday and GBP/USD was at 1.4925 from 1.4611 yesterday. USD/JPY was at 90.72 versus 89.00 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Fri, Jan 16 2009, 14:16 GMT

7

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The Sterling fell as plummeting exports resulted in record trade deficit for UK in November ‘08

Tue, Jan 13 2009, 14:55 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


• The Rupee weakened as the Dollar gained broadly against most currencies due to increase in risk aversion. The USD/INR pair ended at 49.07 from 48.85 yesterday.

• The 6-month and 1-year forward premium was at 2.26% and 1.79% as compared at 2.38% and 1.88% yesterday.

• The Sterling fell as plummeting exports resulted in record trade deficit for UK in November ‘08. EUR/USD was at 1.3295 from 1.3412 yesterday and GBP/USD was at 1.4595 from 1.4962 yesterday. USD/JPY was at 89.22 versus 89.82 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, Jan 13 2009, 14:55 GMT

8

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The Euro remained under pressure as the markets await the ECB rate decision

Mon, Jan 12 2009, 15:15 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


• The Rupee weakened on broad Dollar strength and weak cues from equity markets. The USD/INR pair ended at 48.85 from 48.27 on Friday.

• The 6-month and 1-year forward premium was at 2.38% and 1.88% as compared at 2.42% and 1.92% on Friday

• The Euro remained under pressure as the markets await the ECB rate decision, due on Thursday. EUR/USD was at 1.3412 from 1.3712 on Friday and GBP/USD was at 1.4962 from 1.5290 on Friday. USD/JPY was at 89.82 versus 90.77 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Jan 12 2009, 15:15 GMT

0

0

The Dollar fell after the ADP employment report

Wed, Jan 7 2009, 15:42 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


• The Rupee weakened on sharply negative equity market cues. The USD/INR pair ended at 48.80 from 48.66 yesterday.

• The 6-month and 1-year forward premium was at 2.29% and 1.79% as compared at 2.26% and 1.74% yesterday

• The Dollar fell after the ADP employment report depicted further steep job losses in the US economy in December. EUR/USD was at 1.3653 from 1.3340 yesterday and GBP/USD was at 1.5101 from 1.4593 yesterday. USD/JPY was at 93 versus 94.14 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Wed, Jan 7 2009, 15:42 GMT

1

1

The Swiss franc fell to its lowest levels against the Dollar since August 2007

Thu, Nov 20 2008, 16:11 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • The Rupee pared most of its losses, ending weaker, on heavy intervention by RBI. The USD/INR pair ended at 50.19 from 50.01 yesterday. 

  • The 6-month and 1-year forward premium was at 2.45% and 1.74% as compared at 2.48% and 1.80% yesterday. 

  • The Swiss franc fell to its lowest levels against the Dollar since August 2007, after a surprise 100 bps rate cut by SNB. EUR/USD was at 1.253 from 1.2633 yesterday and GBP/USD was at 1.4843 from 1.4961 yesterday. USD/JPY was at 95.64 versus 96.74 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, Nov 20 2008, 16:11 GMT

3

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The Sterling pared its gains against the Dollar

Wed, Nov 19 2008, 16:09 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • The Rupee weakened, closing below the 50 mark, due to weak equity markets and NDF arbitrage. The USD/INR pair ended at 50.01 from 49.65 yesterday.

  • The 6-month and 1-year forward premium was at 2.48% and 1.80% as compared at 2.64% and 1.91% yesterday.

  • The Sterling pared its gains against the Dollar after the BoE minutes revealed a unanimous vote in favour of a 150 bps rate cut in its last policy meet . EUR/USD was at 1.2633 from 1.2621 yesterday and GBP/USD was at 1.4961 from 1.5024 yesterday. USD/JPY was at 96.74 versus 96.19 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Wed, Nov 19 2008, 16:09 GMT

5

1

The Dollar gained against major currencies except the Yen

Fri, Nov 7 2008, 14:17 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee trimmed its initial losses taking cues from domestic equity markets. The USD/INR pair ended at 47.65 from 47.73 yesterday. 

  • • The 6-month and 1-year forward premium was at 3.35% and 2.48% as compared at 2.96% and 2.10% yesterday. 

  • • The Dollar gained against major currencies except the Yen, on renewed risk aversion as the markets expect the October US Non Farm payrolls to fall the most in five years. EUR/USD was at 1.2757 from 1.2868 yesterday and GBP/USD was at 1.573 from 1.6009 yesterday. USD/JPY was at 97.217 versus 98.28 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Fri, Nov 7 2008, 14:17 GMT

4

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The Sterling pared its losses as the aggressive 150 bps rate cut

Thu, Nov 6 2008, 15:26 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee trimmed its initial losses on heavy dollar selling by banks, though the loss in equity markets capped its recovery. The USD/INR pair ended at 47.725 from 47.45 yesterday.

  • • The 6-month and 1-year forward premium was at 2.96% and 2.1% as compared at 2.99% and 2.01% yesterday.

  • • The Sterling pared its losses as the aggressive 150 bps rate cut by BoE resulted in positive economic sentiment. EUR/USD was at 1.2868 from 1.2932 yesterday and GBP/USD was at 1.6009 from 1.5972 yesterday. USD/JPY was at 98.28 versus 99.078 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Thu, Nov 6 2008, 15:26 GMT

12

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The Sterling lost heavily overnight

Tue, Nov 4 2008, 16:56 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee gained against the Dollar on unwinding of long NDF positions by commercial banks. The USD/INR pair ended at 47.72 from 48.64 yesterday. 

  • • The 6-month and 1-year forward premium was at 2.10% and 1.54% as compared at 2.06% and 1.49% yesterday. 

  • • The Sterling lost heavily overnight on growing expectations of a greater than 50 bps cut in the policy meeting later this week, but also pared some of it losses as the Dollar weakened across the board today. EUR/USD was at 1.2792 from 1.2844 yesterday and GBP/USD was at 1.5879 from 1.6181 yesterday. USD/JPY was at 99.64 versus 99.174 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Tue, Nov 4 2008, 16:56 GMT

4

1

Despite Yen weakened against the Dollar as risk aversion retreated slightly

Mon, Nov 3 2008, 15:27 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee gained against the Dollar as equity markets surged following the weekend liquidity infusion measures and on broad Dollar weakness. The USD/INR pair ended at 48.64 from 49.46 on Friday. 

  • • The 6-month and 1-year forward premium was at 2.06% and 1.49% as compared at 2.46% and 1.69% on Friday. 

  • • Despite Yen weakened against the Dollar as risk aversion retreated slightly. EUR/USD was at 1.2844 from 1.2721 on Friday and GBP/USD was at 1.6181 from 1.6172 on Friday. USD/JPY was at 99.174 versus 97.53 on Friday. *

*These levels are taken at 18:00 IST.

Published on  Mon, Nov 3 2008, 15:27 GMT

0

0

The Yen fell as risk aversion cools off with governments' injection of liquidity into the financial system

Mon, Oct 20 2008, 15:50 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee trimmed its intraday gains due to continued selling pressure in stock markets from foreign investors. The USD/INR pair ended at 48.99 from 48.88 on Friday. 

  • • The 6-month and 1-year forward premium was at 0.48% and 0.43% as compared at 0.74% and 0.61% yesterday.

  • • The Yen fell as risk aversion cools off with governments’ injection of liquidity into the financial system. EUR/USD was at 1.3431 from 1.3441 on Friday and GBP/USD was at 1.7383 from 1.7313 on Friday. USD/JPY was at 101.56 versus 100.94 on Friday. *

*These levels are taken at 18:20 IST.

Published on  Mon, Oct 20 2008, 15:50 GMT

0

0

The Yen remained strong against most currencies

Wed, Oct 15 2008, 16:48 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened against the Dollar as FIIs were net sellers in equity markets. The USD/INR pair ended at 48.53 from 48.07 yesterday. 

  • • The 6-month and 1-year forward premium was at 0.49% and 0.40% as compared at 0.19% and 0.24% yesterday. 

  • • The Yen remained strong against most currencies due to uncertainty regarding the effectiveness of the bail out plans. Weaker than expected US retail sales data further deteriorated sentiments. EUR/USD was at 1.3606 from 1.3736 yesterday and GBP/USD was at 1.7542 from 1.7593 yesterday. USD/JPY was at 101.17 versus 102.64 yesterday. *

*These levels are taken at 18:20 IST.

Published on  Wed, Oct 15 2008, 16:48 GMT

0

0

The Japanese Yen depreciated broadly

Wed, Oct 8 2008, 15:53 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee pared most of its losses after the US Fed and 5 other central banks cut rates together. The USD/INR pair ended at 48.00 from 47.88 yesterday. 

  • • The 6-month and 1-year forward premium was at -0.64% and -0.23% as compared at -0.84% and -0.19% yesterday. 

  • • The Japanese Yen depreciated broadly after coordinated interest rate cuts by the US Fed and European and Chinese Central banks, which could help reduce risk aversion in the near term. EUR/USD was at 1.3706 from 1.3693 yesterday and GBP/USD was at 1.7531 from 1.7570 yesterday. USD/JPY was at 100.35 versus 102.64 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Wed, Oct 8 2008, 15:53 GMT

2

0

The Euro depreciated against most major currencies

Mon, Oct 6 2008, 16:54 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee fell to its lowest since February 2003 as equity markets plummeted and NDF arbitrage opportunities led to Dollar demand in the domestic spot market. The USD/INR pair ended at 47.82 from 47.07 on Friday.

  • • The 6-month and 1-year forward premium was at -0.35% and 0.12% as compared at 0.44% and 0.57% on Friday.

  • • The Euro depreciated against most major currencies after the unsuccessful attempt to formulate a coordinated bail out plan for European banks. The Yen gained as carry positions were unwound due to rising risk aversion. EUR/USD was at 1.3625 from 1.3815 on Friday and GBP/USD was at 1.7589 from 1.7622 on Friday. USD/JPY was at 103.43 versus 104.7 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Oct 6 2008, 16:54 GMT

0

0

The Dollar extended losses against the Japanese Yen due to unwinding of carry positions

Tue, Sep 16 2008, 14:33 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee continued to depreciate due to weak equity markets. However, excessive depreciation was restricted due to Dollar selling by public sector banks. The USD/INR pair ended at 46.89 from 46.05 yesterday.

  • • The 6- month and 1-year forward premium was at 1.03% and 0.92% as compared at 21.63% and 1.31% yesterday.

  • • The Dollar extended losses against the Japanese Yen due to unwinding of carry positions. However, it gained against Euro and Sterling as financial sector weakening and poor inflation data worsened sentiments across the Atlantic. EUR/USD was at 1.4240 from 1.4129 yesterday and GBP/USD was at 1.7864 from 1.7797 yesterday. USD/JPY was at 103.61 versus 105.50 yesterday. * 

• *These levels are taken at 18:30 IST.

Published on  Tue, Sep 16 2008, 14:33 GMT

0

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The Sterling depreciated slightly against the Euro and Dollar

Tue, Sep 9 2008, 13:43 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened slightly as stock markets fell and the Dollar remained strong against most regional currencies. Public sector banks sold Dollars to prevent it from crossing near 2-year highs against the Rupee. The USD/INR pair ended at 44.82 from 44.60 yesterday.

  • • The 6- month and 1-year forward premium was at 3.02% and 2.65% as compared at 2.88% and 2.60% yesterday.

  • • The Sterling depreciated slightly against the Euro and Dollar after worse than expected UK industrial output for July further weakened sentiments for the economy. EUR/USD was at 1.4142 from 1.4231 yesterday and GBP/USD was at 1.7605 from 1.7642 yesterday. USD/JPY was at 108.11 versus 108.64 yesterday. * 

*These levels are taken at 17:30 IST.

Published on  Tue, Sep 9 2008, 13:43 GMT

0

0

Non−farm payrolls for the month of August turned out to be worse than expected

Fri, Sep 5 2008, 15:27 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • · The Rupee pared its initial gains, to touch its lowest level since December 2006, as equity markets remained in the red. However, further depreciation was restricted due to Central Bank intervention. The USD/INR pair ended at 44.66 from 44.38 yesterday.

  • · The 6- month and 1-year forward premium was at 2.83% and 2.56% as compared at 2.63% and 2.46% yesterday.

  • · The Dollar trimmed some of its gains against most majors after non-farm payrolls for the month of August turned out to be worse than expected. EUR/USD was at 1.4292 from 1.4472 yesterday and GBP/USD was at 1.7683 from 1.7822 yesterday. USD/JPY was at 105.97 versus 108.34 yesterday. * 

*These levels are taken at 18:30 IST.

Published on  Fri, Sep 5 2008, 15:27 GMT

0

0

The Sterling fell to record lows against most majors

Mon, Sep 1 2008, 14:43 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • · The Rupee weakened today because of weak equity market cues and NDF arbitrage. The fall was however restricted by central bank sale of Dollars around the key 44.25 levels. The USD/INR pair ended at 44.17 from 43.93 on Friday.

  • · The 6 - month and 1-year forward premium was at 2.84% and 2.58 % as compared at 3.36% and 2.86 % on Friday.

  • · The Sterling fell to record lows against most majors after British mortgage approvals fell for the 12th straight month and manufacturing sector contracted for the 4th month in a row, further reinforcing Britain’s Finance Minister’s pessimistic view that the economy might face its worst downturn in 60 years. EUR/USD was at 1.4623 from 1.4734 on Friday and GBP/USD was at 1.8010 from 1.8283 on Friday. USD/JPY was at 107.94 versus 108.75 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Sep 1 2008, 14:43 GMT

0

0

The Dollar registered sharp gains against most major currencies

Fri, Aug 8 2008, 15:36 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • · The Rupee trimmed its initial losses ending flat after crude started falling and equity markets recovered from the red. USD/INR pair ended at 42.06 from 42.07 yesterday.

  • · The 6 - month and 1-year forward premium was at 4.32% and 3.50% as compared to 4.59% and 3.74% yesterday.

  • · The Dollar registered sharp gains against most major currencies due to cooling crude prices and concerns regarding economic slowdown spreading beyond the US. EUR/USD was at 1.5105 from 1.5442 yesterday and GBP/USD was at 1.9253 from 1.9504 yesterday. USD/JPY was at 109.75 versus 109.23 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Fri, Aug 8 2008, 15:36 GMT

0

0

The Dollar extended its gains against most currencies

Wed, Jul 30 2008, 13:20 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • · The Rupee appreciated due to falling crude prices and positive cues from equity markets. The gain was however restricted by month-end Dollar purchase by oil companies. USD/INR pair ended at 42.35 from 42.63 yesterday.

  • · The 6 - month and 1-year forward premium was at 4.97% and 4.14% as compared to 5.19% and 4.27% yesterday.

  • · The Dollar extended its gains against most currencies as, according to ADP employment data for July, the private sector added jobs against expectations of a decline in employment. EUR/USD was at 1.5556 from 1.5708 yesterday and GBP/USD was at 1.9781 from 1.9872 yesterday. USD/JPY was at 108.1 versus 107.81 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Wed, Jul 30 2008, 13:20 GMT

0

0

The Sterling weakened against the Dollar

Tue, Jul 29 2008, 14:14 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • · The Rupee, although appreciated after the more-than-expected central bank hike in Repo rate (50 bps) and CRR (25 bps), lost its ground ending weaker after the RBI governor announced withdrawal of special open market operations with oil companies, which could lead to higher future Dollar demand. USD/INR pair ended at 42.63 from 42.54 yesterday.

  • · The 6 - month and 1-year forward premium was at 5.19% and 4.27% as compared to 4.69% and 3.88% yesterday.

  • · The Sterling weakened against the Dollar, after trading at firm levels, due to an all time low in retailers’ sentiment according to a survey by Confederation of British Industry. EUR/USD was at 1.5708 from 1.5750 yesterday and GBP/USD was at 1.9872 from 1.9865 yesterday. USD/JPY was at 107.81 versus 107.70 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, Jul 29 2008, 14:14 GMT

0

0

The Sterling edged lower versus the Dollar

Thu, Jul 24 2008, 14:15 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened shedding its initial gains due to month-end Dollar demand by oil companies and fears of capital outflows from the India stock markets. USD/INR pair ended at 42.13 from 42.09 yesterday.

  • • The 6- month and 1-year forward premium was at 4.63% and 3.90% as compared to 4.77 % and 4.07% yesterday.

  • • The Sterling edged lower versus the Dollar after a sharper than expected fall in British retail sales boosted expectations of interest rate cut by the BoE. The Euro fell to a two-week low due to a larger than expected drop in German Ifo business sentiment index. EUR/USD was at 1.5673 from 1.5761 yesterday and GBP/USD was at 1.986 from 2.0019 yesterday. USD/JPY was at 107.75 versus 107.68 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, Jul 24 2008, 14:15 GMT

0

0

Dollar extended its gains against the Euro and Yen

Wed, Jul 23 2008, 14:49 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee gained against the Dollar today helped by the gains in the domestic stock market following the victory of the Government in the vote of confidence, retreat in global crude oil prices and NDF arbitrage opportunities. USD/INR pair ended at 42.09 from 42.73 yesterday.

  • • The 6- month and 1-year forward premium was at 4.77 % and 4.07% as compared to 5.17 % and 4.34% yesterday.

  • • The Dollar extended its gains against the Euro and Yen following hawkish remarks by Fed’s Plosser and Dollar supportive comments by U.S Treasury Secretary Paulson. The decline in crude oil prices further boosted the currency. EUR/USD was at 1.5761 from 1.5929 yesterday and GBP/USD was at 2.0019 from 2.0064 yesterday. USD/JPY was at 107.68 versus 106.29 yesterday.*

*These levels are taken at 17:30 IST.

Published on  Wed, Jul 23 2008, 14:49 GMT

0

0

Dollar losses

Mon, Jul 21 2008, 15:05 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


• The Rupee ended stronger against the Dollar due to the continuing recovery of the Indian stock market. However, its appreciation was limited as the lower oil prices led to import demand. USD/INR pair ended at 42.76 from 42.82 yesterday.

• The 6- month and 1-year forward premium was at a 5.09 % and 4.29% as compared to 4.78% and 4.14% yesterday.

• The Dollar pared its losses against most major currencies following the better than expected quarterly results posted by Citi Group. EUR/USD was at 1.5829 from 1.5853 yesterday and GBP/USD was at 1.9938from 2.0013 yesterday. USD/JPY was at 106.70 versus 105.62 yesterday.*

*These levels are taken at 17:30 IST.

Published on  Mon, Jul 21 2008, 15:05 GMT

0

0

The Dollar fell against all majors

Tue, Jul 15 2008, 15:05 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened today after Flitch Ratings downgraded its outlook on the Rupee. The sharp fall in the domestic stock market also weighed on the currency. USD/INR pair ended at 43.23 from 42.92 yesterday.

  • • The 6- month and 1-year forward premium was at a 5.17% and 4.48% as compared to 5.03% and 4.40% yesterday.

  • • The Dollar fell against all majors as concerns over the health of the U.S economy continued to weigh on investor sentiment. The Pound rose to more than a 3 month high as the strong consumer price data dampened expectations of a near term rate cut. EUR/USD was at 1.5999 from 1.5859 yesterday and GBP/USD was at 2.0103 from 1.9868 yesterday. USD/JPY was at 104.69 versus 106.71 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, Jul 15 2008, 15:05 GMT

0

0

The Dollar was up from record low levels

Mon, Jul 14 2008, 15:04 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended weaker today as investors bought dollar to take advantage of the off shore arbitrage opportunity. The sentiment for the currency was further affected by the weak domestic stock market. USD/INR pair ended at 42.92 from 42.87 on Friday.

  • • The 6- month and 1-year forward premium was at a 5.03% and 4.40% as compared to 5.18% and 4.46% on Friday.

  • • The Dollar was up from record low levels supported as news of bailout of the GSEs by the U.S government helped restore investor confidence. EUR/USD was at 1.5859 from 1.5819 on Friday and GBP/USD was at 1.9868 from 1.9905 on Friday. USD/JPY was at 106.71 versus 106.59 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Jul 14 2008, 15:04 GMT

0

1

Further higher global crude oil prices

Fri, Jul 11 2008, 13:44 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee rose today on account of dollar sales by corporates amid thin dollar demand. However, it pared its initial gains after the worse than expected May industrial production data, fall in the domestic stock markets and recovery in crude oil prices. USD/INR pair ended at 42.87 from 42.99 yesterday.

  • • The 6- month and 1-year forward premium was at a 5.18% and 4.46% as compared to 4.68% and 4.05% yesterday.

  • • The Dollar fell against a basket of currencies today on renewed fears over the healthy of the U.S financial sector following news of the U.S government’s likely takeover of U.S mortgage agencies (Freddie Mac and Fannie Mae) if their financial condition worsened. Further higher global crude oil prices, along with the fall in global equities also weighed on the greenback. EUR/USD was at 1.5819 from 1.5699 yesterday and GBP/USD was at 1.9905 from 1.9751 yesterday. USD/JPY was at 106.59 versus 107.25 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Fri, Jul 11 2008, 13:44 GMT

0

0

The Dollar rose today after better than expected U.S jobless claims data

Thu, Jul 10 2008, 14:51 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended stronger today as steady crude oil prices along with easing political uncertainty boosted sentiment for the local currency. NDF cancellations also supported the Rupee. USD/INR pair ended at 42.99 from 43.12 yesterday.

  • • The 6- month and 1-year forward premium was at a 4.68% and 4.05% as compared to 4.16% and 3.67% yesterday.

  • • The Dollar rose today after better than expected U.S jobless claims data. Markets are now looking towards the testimony by Fed Chairman Bernanke and U.S Treasury Paulson before the Housing Committee later today. EUR/USD was at 1.5699 from 1.5713 yesterday and GBP/USD was at 1.9751 from 1.9729 yesterday. USD/JPY was at 107.25 versus 107.45 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Thu, Jul 10 2008, 14:51 GMT

0

0

The Dollar fell against the Euro today as oil prices rebounded on news of Iran missile testing

Wed, Jul 9 2008, 14:34 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended stronger today as sentiment for the local currency improved on the back of the sharp rise in the domestic stock market, and the overnight fall in global crude oil prices from record high levels. USD/INR pair ended at 43.12 from 43.26 yesterday.

  • • The 6- month and 1-year forward premium was at a 4.16% and 3.67% as compared to 4.25% and 3.79% yesterday.

  • • The Dollar fell against the Euro today as oil prices rebounded on news of Iran missile testing. Hawkish comments from ECB President Trichet to the European Parliament also supported the Euro against the greenback. EUR/USD was at 1.5713 from 1.5701 yesterday and GBP/USD was at 1.9729 from 1.9749 yesterday. USD/JPY was at 107.45 versus 106.85 yesterday. *

*These levels are taken at 18:00 IST.

Published on  Wed, Jul 9 2008, 14:34 GMT

0

0

The Dollar extended its losses against the majors today

Thu, Jun 26 2008, 14:36 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee rose today helped by the gains in the domestic stock market along with dollar sales by exporters. The USD/INR pair ended at 42.68 from 42.74 yesterday.

  • • The 6- month and 1-year forward premium was at a 4.28% and 3.69% as compared to 4.51% and 4% yesterday.

  • • The Dollar extended its losses against the majors today following yesterday’s less hawkish FOMC statement, which pared market expectations of a near term interest rate hike and weighed on investor sentiment. EUR/USD was at 1.5733 from 1.5585 yesterday and GBP/USD was at 1.9860 from 1.9718 yesterday. USD/JPY was at 107.55 versus 107.97 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, Jun 26 2008, 14:36 GMT

0

0

The Euro rose against the greenback after hawkish comments from ECB members

Wed, Jun 25 2008, 14:55 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee gained today closing at a three week high, helped by the gains in the domestic stock market and dollar sales by exporters. Further, expectation that the surprise repo rate hike by the central bank post market hours yesterday would improve capital inflows also supported the currency. The USD/INR pair ended at 42.74 from 42.97 yesterday.

  • • The 6- month and 1-year forward premium was at a 4.51% and 4% as compared to 4.3% and 3.83% yesterday.

  • • The Euro rose against the greenback after hawkish comments from ECB members including ECB President Trichet today, which further strengthened market expectations of a rate hike by the central bank next week. However, the gains were modest as investors await the Fed rate decision later today for further direction. EUR/USD was at 1.5585 from 1.5558 yesterday and GBP/USD was at 1.9718 from 1.9652 yesterday. USD/JPY was at 107.97 versus 107.93 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Wed, Jun 25 2008, 14:55 GMT

0

0

Euro rose against the greenback

Tue, Jun 24 2008, 15:37 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee pared its early gains and ended flat today as dollar sales by nationalized banks on behalf of the central bank capped the decline arising on account of capital outflows. The USD/INR pair ended at 42.97 same as yesterday.

  • • The 6- month and 1-year forward premium was at a 4.3% and 3.83% as compared to 3.98% and 3.63% yesterday.

  • • The Euro rose against the greenback as better than expected data from France eased fears about the state of the Euro zone economy and as markets await the Fed rate decision due tomorrow for further direction. EUR/USD was at 1.5558 from 1.5516 yesterday and GBP/USD was at 1.9652 from 1.9615 yesterday. USD/JPY was at 107.93 versus 107.87 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, Jun 24 2008, 15:37 GMT

0

0

The Euro plunged against the Dollar today

Mon, Jun 23 2008, 14:27 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened today on account of a capital outflow as the Indian stock market crashed today. However, dollar sales through state run banks prevented a sharp fall in the currency. The USD/INR pair ended at 42.97 from 42.93 on Friday.

  • • The 6- month and 1-year forward premium was at a 3.98% and 3.63% as compared to 3.95% and 3.5% on Friday.

  • • The Euro plunged against the Dollar today after data indicated that German business sentiment fell more than expected in June and activity (PMIs fell below 50) contracted in June. EUR/USD was at 1.5516 from 1.5605 yesterday and GBP/USD was at 1.9615 from 1.9773 yesterday. USD/JPY was at 107.87 versus 107.55 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Jun 23 2008, 14:27 GMT

0

0

US dollar strengthened against Euro

Thu, Jun 19 2008, 14:41 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended down today as foreign banks bought dollars for FIIs noting a sharp decline in the domestic stock market. However, the dollar sales by the state run banks in a bid to curb currency depreciation capped the decline. The USD/INR pair ended at 42.97 from 42.90 yesterday.

  • • The 6- month and 1-year forward premium was at a 3.28% and 2.99% as compared to 2.82% and 2.53% yesterday.

  • • The US dollar strengthened against Euro after an unexpected surge in U.K. retail sales boosted investor optimism while the Swiss franc retreated from its highest since 1991 against the yen after the central bank left interest rates unchanged today at a six-year high. EUR/USD was at 1.5482 from 1.5495 yesterday and GBP/USD was at 1.9700 from 1.9537 yesterday. USD/JPY was at 107.91 versus 108.13 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, Jun 19 2008, 14:41 GMT

0

0

The Pound slid against the Dollar

Wed, Jun 18 2008, 15:30 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended marginally down today reflecting losses in the domestic stock market. However, the dollar sales by the state run banks in a bid to curb currency depreciation capped the decline. The USD/INR pair ended at 42.90 from 42.89 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.76% and 2.45% as compared to 2.4% and 2.27% yesterday.

  • • The Pound slid against the Dollar after the BoE minutes for the meeting held June 5 showed the MPC voting 8-1 in favor of a pause, suggesting that aggravating inflationary pressures have severely hamstrung the MPC’s ability to cut rates despite downside risks to growth. EUR/USD was at 1.5495 from 1.5510 yesterday and GBP/USD was at 1.9537 from 1.9569 yesterday. USD/JPY was at 108.13 versus 107.93 yesterday*.

*These levels are taken at 17:30 IST.

Published on  Wed, Jun 18 2008, 15:30 GMT

0

0

Dollar surged against the majors

Thu, Jun 12 2008, 14:17 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended only marginally stronger, as it pared most of its gains following the repo rate hike by the central bank, due to the strong dollar demand. The USD/INR pair ended at 42.84 from 42.86 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.90% and 2.44% as compared to 2.16% and 1.87% yesterday.

  • • The Dollar, after getting a slight boost from hawkish comments by Fed’s Plosser, surged against the majors after U.S May retail sales surprised markets on the upside. EUR/USD was at 1.5391 from 1.5516 yesterday and GBP/USD was at 1.9445 from 1.9614 yesterday. USD/JPY was at 107.99 versus 107.17 yesterday. *

*These levels are taken at 18:10 IST.

Published on  Thu, Jun 12 2008, 14:17 GMT

0

0

EUR/USD was at 1.5516 from 1.5528 yesterday

Wed, Jun 11 2008, 14:48 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended stronger today helped by the rise in the domestic stock market and easing dollar demand by oil companies following the fall in global crude oil prices. The USD/INR pair ended at 42.86 from 42.96 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.16% and 1.87% as compared to 2.62% and 2.17% yesterday.

  • • The Euro was weighed down by comments from ECB Stark where he suggested that the central bank was not looking at a series of rate hikes. EUR/USD was at 1.5516 from 1.5528 yesterday and GBP/USD was at 1.9614 from 1.9563 yesterday. USD/JPY was at 107.17 versus 106.79 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Wed, Jun 11 2008, 14:48 GMT

0

0

The Dollar rose against the majors

Tue, Jun 10 2008, 14:13 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended weaker today on account of capital outflows as the domestic stock market fell along with dollar demand by oil companies. However, dollar sales by state run banks supposedly for the central bank capped the currency’s decline. The USD/INR pair ended at 42.96 from 42.87 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.62% and 2.17% as compared to 2.58% and 2.11% yesterday.

  • • The Dollar rose against the majors after yesterday’s speech of Fed Chairman Bernanke, where he warned of growing inflationary concerns, stoking market expectations that the central bank would start to raise rates. EUR/USD was at 1.5528 from 1.5782 yesterday and GBP/USD was at 1.9563 from 1.9791 yesterday. USD/JPY was at 106.79 versus 105.61 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, Jun 10 2008, 14:13 GMT

0

0

Euro extended its gains against the greenback on increasing expectations by markets that the ECB will hike rates in July

Mon, Jun 9 2008, 14:00 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended the day weaker on account of the fall in the domestic stock market and rise in dollar demand by oil companies following the spike in oil prices. The USD/INR pair ended at 42.87 from 42.66 on Friday.

  • • The 6- month and 1-year forward premium was at a 2.58% and 2.11% as compared to 2.26% and 1.90% on Friday.

  • • The Euro extended its gains against the greenback on increasing expectations by markets that the ECB will hike rates in July. EUR/USD was at 1.5782 from 1.5660 on Friday and GBP/USD was at 1.9791 from 1.962 on Friday. USD/JPY was at 105.61 versus 105.7 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Jun 9 2008, 14:00 GMT

0

0

The Dollar held on gains

Thu, Jun 5 2008, 15:16 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee ended down today on account of dollar demand by oil companies. However, dollar sales by state owned banks said to be for RBI and by exporters capped the Rupee’s decline. The USD/INR pair ended at 42.90 from 42.77 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.23% and 1.81% as compared to 2.04% and 1.67% yesterday.

  • • The Dollar held on to its overnight gains made after the Fed Chairman Bernanke once again expressed concerns on inflation, possibly signaling that the rate easing cycle has come to an end. The Euro and Pound were little changed after their respective central banks left the key policy rate unchanged. EUR/USD was at 1.5406 from 1.5468 yesterday and GBP/USD was at 1.9504 from 1.9566 yesterday. USD/JPY was at 106.07 versus 104.625 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, Jun 5 2008, 15:16 GMT

0

0

The British pound dropped the most in four weeks against the greenback

Mon, Jun 2 2008, 14:53 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee lost most of its gains against the dollar on weaker stock markets after benefiting initially following an RBI initiative of providing foreign exchange to the oil refiners, which would likely reduce dollar demand in the currency market. The USD/INR pair ended at 42.40 from 42.46 on Friday.

  • • The 6- month and 1-year forward premium was at a 1.69% and 1.48% as compared to 2.26% and 1.76% on Friday.

  • • The British pound dropped the most in four weeks against the greenback after one of U.K.’s biggest mortgage lender said that it will have to raise more capital due to widening loss provisions. Meanwhile, the yen advanced against most currencies as weak European markets eroded demand for higher yielding currencies. EUR/USD was at 1.5498 from 1.5522 on Friday and GBP/USD was at 1.9622 from 1.9722 yesterday. USD/JPY was at 104.72 versus 105.56 on Friday. *

*These levels are taken at 17:30 IST.

Published on  Mon, Jun 2 2008, 14:53 GMT

0

0

The Rupee weakened today as oil companies stepped up their dollar purchases

Thu, May 29 2008, 14:19 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened today as oil companies stepped up their dollar purchases following the rise in global crude oil prices towards record levels. The USD/INR pair ended at 42.79 from 42.73 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.57% and 1.88% as compared to 2.46% and 1.80% yesterday.

  • • The Dollar, after rising post yesterdays stronger than expected data and hawkish comments from Fed’s Fisher, gave up some of its gains after the release of U.S Q1 GDP which matched expectations and a worse than expected U.S jobless claims data. EUR/USD was at 1.5573 from 1.562 yesterday and GBP/USD was at 1.9785 from 1.9718 yesterday. USD/JPY was at 105.03 versus 105.2 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Thu, May 29 2008, 14:19 GMT

0

0

The Pound was weak today, as markets reacted to the poor U.K housing data

Tue, May 27 2008, 13:51 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


  • • The Rupee weakened today on persistent dollar purchases by oil companies and other importers to meet their month end dollar demand. The USD/INR pair ended at 42.96 from 42.73 yesterday.

  • • The 6- month and 1-year forward premium was at a 2.40% and 1.75% as compared to 2.07% and 1.55% yesterday.

  • • The Pound was weak today, as markets reacted to the poor U.K housing data. EUR/USD was at 1.5755 from 1.5754 yesterday and GBP/USD was at 1.9771 from 1.9785 yesterday. USD/JPY was at 103.8 versus 103.43 yesterday. *

*These levels are taken at 17:30 IST.

Published on  Tue, May 27 2008, 13:51 GMT

0

0

EUR/USD was at 1.5754 from 1.5746 on Friday

Mon, May 26 2008, 13:53 GMT
by ICICI Bank Treasury Research Group

ICICI Bank


    • • The Rupee, after rising during the day, pared its gains ending marginally weaker on account of strong dollar demand by oil companies and losses in the domestic stock market. The USD/INR pair ended at 42.73 from 42.70 on Friday.

    • • The 6- month and 1-year forward premium was at a 2.07% and 1.55% as compared to 1.80% and 1.38% on Friday.

    • • The Dollar held on to its ground today helped by thin trading volumes as markets in both U.S and U.K are closed today. EUR/USD was at 1.5754 from 1.5746 on Friday and GBP/USD was at 1.9785 from 1.9815 on Friday. USD/JPY was at 103.43 versus 103.54 on Friday. *

    *These levels are taken at 17:30 IST.

    Published on  Mon, May 26 2008, 13:53 GMT

    0

    0

    The Euro rose to nearly a one−month high against the greenback

    Wed, May 21 2008, 14:13 GMT
    by ICICI Bank Treasury Research Group

    ICICI Bank


      • • The Rupee, ended weaker today amid persistent dollar demand by oil companies as crude oil surged to new record highs and thin dollar supply by exporters. The USD/INR pair ended at 42.83 from 42.64 yesterday.

      • • The 6- month and 1-year forward premium was at a 1.71% and 1.30% as compared to 1.50% and 1.17% on yesterday.

      • • The Euro rose to nearly a one-month high against the greenback after an unexpected rise in German business confidence index. EUR/USD was at 1.5754 from 1.5641 yesterday and GBP/USD was at 1.9660 from 1.9641 yesterday. USD/JPY was at 103.34 versus 104.14 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Wed, May 21 2008, 14:13 GMT

      0

      0

      The Euro rose against the Dollar

      Tue, May 20 2008, 15:25 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee, after falling to a low of 42.92 on dollar demand by oil companies, recovered slightly helped by dollar sales by exporters. The USD/INR pair ended at 42.64 from 42.53 on Friday.
      • • The 6- month and 1-year forward premium was at a 1.50% and 1.17% as compared to 1.18% and 0.99% on Friday.
      • • The Euro, despite the weak German investor confidence data, rose against the Dollar on comments from a German think tank that interest rates in Euro zone should rise. EUR/USD was at 1.5641 from 1.551 yesterday and GBP/USD was at 1.9641 from 1.9488 yesterday. USD/JPY was at 104.14 versus 104.32 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Tue, May 20 2008, 15:25 GMT

      0

      0

      The Euro lost some of its earlier gains made on account of better than expected data

      Wed, Apr 23 2008, 15:41 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee, after trading in a narrow band for most part of the day, closed below the 40 mark today driven by dollar demand by oil companies’ foreign investors and nationalized banks. The USD/INR pair ended at 40.05 from 39.96 yesterday.

      • • The 6- month and 1-year forward premium was at a 2.33% and 1.99% as compared to 2.86% and 2.26% yesterday.

      • • The Euro lost some of its earlier gains made on account of better than expected data, after policymakers in the region commented on the Euro’s movements. EUR/USD was at 1.5950 from 1.5930 yesterday and GBP/USD was at 1.985 from 1.9907 yesterday. USD/JPY was at 103.06 versus 103.13 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Wed, Apr 23 2008, 15:41 GMT

      0

      0

      The Euro rose against the Dollar

      Mon, Apr 21 2008, 14:34 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee lost its early gains ending the day weaker as the central bank was said to be intervening in the fx markets. Dollar demand by oil companies further added to the downward pressure on the rupee. The USD/INR pair ended at 39.97 from 39.92 on Thursday.

      • • The 6- month and 1-year forward premium was at a 3.09% and 2.38% as compared to 2.65% and 1.96% on Thursday.

      • • The Euro rose against the Dollar after hawkish comments by ECB member Liebscher strengthened the belief that ECB would not ease rates in the near future. Worse than expected Q1 2008 results of Bank of America further added to the dollar weakness. EUR/USD was at 1.5906 from 1.5817 on Friday and GBP/USD was at 1.9863 from 1.998 on Friday. USD/JPY was at 103.3 versus 103.67 on Friday. *

      *These levels are taken at 17:30 IST.

      Published on  Mon, Apr 21 2008, 14:34 GMT

      0

      0

      The Dollar recovered some of its losses today against the Euro

      Thu, Apr 17 2008, 13:59 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee ended stronger today on account of capital inflows as the domestic stock market rose 1.5%. However, intervention by the central bank capped the currency’s gains. The USD/INR pair ended at 39.92 from 39.96 yesterday.

      • • The 6- month and 1-year forward premium was at a 2.65% and 1.96% as compared to 2.41% and 1.77% yesterday.

      • • The Dollar recovered some of its losses today against the Euro after EU’s Junkers commented that the markets did not correctly understand the G7 message on FX. The Dollar also appreciated against the Yen as risk appetite rose prompting investors to resume carry trade. EUR/USD was at 1.5867 from 1.5932 yesterday and GBP/USD was at 1.9794 from 1.9768 yesterday. USD/JPY was at 102.6 versus 101.32 yesterday. *
      *These levels are taken at 17:30 IST.

      Published on  Thu, Apr 17 2008, 13:59 GMT

      0

      0

      The Euro held on to its gains

      Wed, Apr 16 2008, 13:53 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • The Rupee pared its intra day losses and ended steady as dollar sales by exporters offset the dollar demand by oil companies. The USD/INR pair ended at 39.96 from 39.95 on Friday.

      • The 6- month and 1-year forward premium was at a 2.22% and 1.65% as compared to 2.12% and 1.60% on Friday.

      • The Euro held on to its gains, despite the unexpected drop in investor confidence, as hawkish comments by ECB members reiterated the fact that the central bank would not ease rates until inflationary pressures moderate. EUR/USD was at 1.5834 from 1.5832 yesterday and GBP/USD was at 1.9669 from 1.9785 yesterday. USD/JPY was at 101.07 versus 101.1 yesterday. *


      *These levels are taken at 17:30 IST.

      Published on  Wed, Apr 16 2008, 13:53 GMT

      0

      0

      The Pound rose as industrial production in U.K surpassed market expectations

      Wed, Apr 9 2008, 14:52 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee edged up marginally today after remaining in a tight band for most part of the day as dollar sales by exporters offset dollar demand by oil companies. The USD/INR pair ended at 40 from 40.01 yesterday.

      • • The 6- month and 1-year forward premium was at a 2.17% and 1.57% as compared to 1.91% and 1.44% yesterday.

      • • The Pound, after weakening on the back of a battered consumer confidence, rose as industrial production in U.K surpassed market expectations. EUR/USD was at 1.5724 from 1.569 yesterday and GBP/USD was at 1.9715 from1.9678 yesterday. USD/JPY was at 102.58 versus 102.42 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Wed, Apr 9 2008, 14:52 GMT

      0

      0

      The Pound fell against the greenback today

      Tue, Apr 8 2008, 14:30 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee ended weaker today as it tracked the domestic stock market. Dollar demand by oil companies further kept the currency under pressure. The USD/INR pair ended at 40.01 from 39.96 yesterday.

      • • The 6- month and 1-year forward premium was at a 1.91% and 1.44% as compared to 2.11% and 1.56% yesterday.

      • • The Pound fell against the greenback today after house prices in U.K, as given by the Halifax (HBOS) index, dropped by more than market expectations, thus fuelling expectations of a 50 bps cut by the BoE in its forthcoming monetary policy meeting. EUR/USD was at 1.569 from 1.5701 yesterday and GBP/USD was at 1.9678 from1.9888 yesterday. USD/JPY was at 102.42 versus 102.67 yesterday. *

      * *These levels are taken at 17:30 IST.

      Published on  Tue, Apr 8 2008, 14:30 GMT

      0

      0

      The Dollar remained at record low levels as markets expect aggressive easing by the Fed later today to help revive the U.S economy

      Tue, Mar 18 2008, 14:26 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee recovered today helped by the rise in the domestic stock market along with dollar sales by exporters. The USD/INR pair ended at 40.51 from 40.73 yesterday.

      • • The 6- month and 1-year forward premium was at a 1.76% and 1.27% as compared to 1.54% and 1.14% yesterday.

      • • The Dollar remained at record low levels as markets expect aggressive easing by the Fed later today to help revive the U.S economy. EUR/USD was at 1.581 from 1.5781 yesterday and GBP/USD was at 2.0142 from 2.004 yesterday. USD/JPY was at 97.51 from 96.62 yesterday.

      * *These levels are taken at 17:30 IST.

      Published on  Tue, Mar 18 2008, 14:26 GMT

      1

      0

      The 6− month and 1−year forward premium was at a 0.97% and 0.86% as compared to 0.79% and 0.78% yesterday

      Wed, Mar 12 2008, 14:21 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee ended up against the Dollar helped by dollar sales by exporters. The USD/INR pair ended at 40.33 from 40.45 yesterday.

      • • The 6- month and 1-year forward premium was at a 0.97% and 0.86% as compared to 0.79% and 0.78% yesterday.

      • • The Dollar, after rising yesterday against the Euro following news of coordinated central bank action, pared its gains today as better than expected data from the Euro zone strengthened market expectations that the ECB would not ease rates in the near future. EUR/USD was at 1.546 from 1.5476 yesterday and GBP/USD was at 2.0162 from 2.0166 yesterday. USD/JPY was at 102.55 from 102.12 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Wed, Mar 12 2008, 14:21 GMT

      0

      0

      The Euro rose to a record high

      Tue, Mar 11 2008, 15:28 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee ended up against the Dollar as it tracked the domestic stock market. The USD/INR pair ended at 40.45 from 40.48 yesterday.
      • • The 6- month and 1-year forward premium was at a 0.79% and 0.78% as compared to 0.77% and 0.78% yesterday.
      • • The Euro rose to a record high against the greenback following comments by ECB Webber indicating no possibility of a rate cut by ECB and better than expected data from the Euro zone. However, later on the announcement of coordinated central bank action to provide Dollar liquidity resulted in Dollar paring most of its losses against the majors. EUR/USD was at 1.5476 from 1.5359 yesterday and GBP/USD was at 2.0166 from 2.0188 yesterday. USD/JPY was at 102.12 from 102.3 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Tue, Mar 11 2008, 15:28 GMT

      0

      0

      The Dollar continued with its free fall against most major currencies

      Fri, Mar 7 2008, 15:28 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee ended weaker today as rising levels of global risk aversion led to a capital outflow. Dollar demand by importers further added to the downward pressure on the currency. The USD/INR pair ended at 40.53 from 40.30 on Wednesday

      • • The 6- month forward rate was at a 0.33% premium as compared to 0.14% discount on Wednesday while the 1-year forward rate was at 0.48% premium from 0.23% on Wednesday

      • • The Dollar continued with its free fall against most major currencies, on expectations of a weak non-farm payroll data scheduled to be released today. EUR/USD was at 1.5417 from 1.538 yesterday and GBP/USD was at 2.0142 from 2.0093 yesterday. USD/JPY was at 102.03 from 102.67 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Fri, Mar 7 2008, 15:28 GMT

      0

      0

      The Dollar rose against most majors today helped by the verbal intervention from Japan and Europe

      Wed, Mar 5 2008, 14:56 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee ending steady, after remaining largely range bound taking its cues from the domestic equity market. The USD/INR pair ended at 40.30 from 40.31 yesterday.
      • • The 6- month forward rate was at a discount at 0.14% as compared to 0.36% yesterday while the 1-year forward rate was at 0.23% premium from 0.11% yesterday.
      • • The Dollar rose against most majors today helped by the verbal intervention from Japan and Europe on the excessive movements in the foreign exchange market. EUR/USD was at 1.5192 from 1.5220 yesterday and GBP/USD was at 1.9786 from 1.9890 yesterday. USD/JPY was at 103.84 from 102.95 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Wed, Mar 5 2008, 14:56 GMT

      0

      0

      The Dollar traded near record lows

      Tue, Mar 4 2008, 16:46 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee ended slightly stronger helped by the overall negative global dollar sentiment. The USD/INR pair ended at 40.31 from 40.39 yesterday.
      • • The 6- month forward rate was at a discount at 0.36% as compared to 0.42% yesterday while the 1-year forward rate was at 0.11% premium same as yesterday.
      • • The Dollar traded near record lows against most majors as data indicated that manufacturing had contracted in the U.S in February causing concerns over the health of the U.S economy. EUR/USD was at 1.5220 from 1.5193 yesterday and GBP/USD was at 1.9890 from 1.9842 yesterday. USD/JPY was at 102.95 from 102.89 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Tue, Mar 4 2008, 16:46 GMT

      0

      0

      The Yen fell below 103 as rising levels of risk aversion led to sell off

      Mon, Mar 3 2008, 15:10 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee depreciated by close to 1%, falling to a five month low against the greenback, as elevated levels of global risk aversion led to a sharp fall in the domestic stock market stoking fears of a capital outflow. The USD/INR pair ended at 40.39 from 40.01 on Friday.
      • • The 6- month forward rate was at a discount at 0.42% as compared to 0.22% on Friday while the 1-year forward rate was at 0.11% premium from 0.48% on Friday.
      • • The Yen fell below 103 as rising levels of risk aversion led to sell off in global equities prompting investors to unwind their carry positions. EUR/USD was at 1.5193 from 1.5187 on Friday and GBP/USD was at 1.9842 from 1.9844 on Friday. USD/JPY was at 102.89 from 104.29 on Friday. *

      *These levels are taken at 17:30 IST.

      Published on  Mon, Mar 3 2008, 15:10 GMT

      0

      0

      The Yen rose to a 3−year high against the dollar as rising levels of risk aversion

      Fri, Feb 29 2008, 15:17 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee fell below the 40 mark once again on account of capital outflows as the domestic stock market remained weak post the Union Budget. The USD/INR pair ended at 40.01 from 39.87 yesterday.
      • • The 6-month and 1 year forward premium was at 0.22% and 0.48% as compared to 0.22% and 0.50% yesterday.
      • • The Yen rose to a 3-year high against the dollar as rising levels of risk aversion, financial market stress and a gloomy outlook for the U.S economy led investors to unwind their carry positions. The Euro also traded at record high levels after breaking the 1.52 level post Bernankes speech late yesterday. EUR/USD was at 1.5187 from 1.5095 yesterday and GBP/USD was at 1.9844 from 1.9814 yesterday. USD/JPY was at 104.29 from 106.47 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Fri, Feb 29 2008, 15:17 GMT

      0

      0

      The Euro came off slightly from the 1.51 levels it was trading at post Fed Chairman Bernankes' testimony

      Thu, Feb 28 2008, 14:48 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee ended weaker today as month end dollar demand by importers along with lack of inflows led to expectation of cash dollar shortage forcing traders to buy dollars. The USD/INR pair ended at 39.87 from 39.75 yesterday.
      • • The 6-month and 1 year forward premium was at 0.22% and 0.50% as compared to 0.20% and 0.48% yesterday.
      • • The Euro came off slightly from the 1.51 levels it was trading at post Fed Chairman Bernankes’ testimony yesterday which signaled more aggressive rate cuts by the Fed in the coming year to help avert a U.S recession. EUR/USD was at 1.5095 from 1.5039 yesterday and GBP/USD was at 1.9814 from 1.9855 yesterday. USD/JPY was at 106.47 from 106.36 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Thu, Feb 28 2008, 14:48 GMT

      0

      0

      The Euro held on to its gains made against the dollar late yesterday

      Wed, Feb 27 2008, 14:25 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee appreciated today, though erasing some of its gains earlier on in the day, as it tracked the movement of the local equity markets. The USD/INR pair ended at 39.75 from 39.91 yesterday.
      • • The 6-month and 1-year forward premium was at 0.20% and 0.48% as compared to 0.79% and 0.77% yesterday.
      • • The Euro held on to its gains made against the dollar late yesterday after weak consumer confidence data along with comments by Fed had pushed the currency above the psychological 1.50 level on expectations of further rate cuts by the Fed. EUR/USD was at 1.5039 from 1.4878 yesterday and GBP/USD was at 1.9855 from 1.9706 yesterday. USD/JPY was at 106.36 from 107.97 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Wed, Feb 27 2008, 14:25 GMT

      0

      0

      The Euro strengthened against the greenback

      Tue, Feb 26 2008, 15:59 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


      • • The Rupee rose today as it tracked the domestic stock market and was further helped by dollar sales by exporters. However, intervention by the RBI capped the currency’s gains. The USD/INR pair ended at 39.91 from 39.96 yesterday.
      • • The 6-month and 1 year forward premium was at 0.79% and 0.77% as compared to 0.29% and 0.51% yesterday.
      • • The Euro strengthened against the greenback after the business confidence in Germany rose unexpectedly in February for the second consecutive month. EUR/USD was at 1.4878 from 1.4804 yesterday and GBP/USD was at 1.9706 from 1.9638 yesterday. USD/JPY was at 107.97 from 107.84 yesterday. *

      *These levels are taken at 17:30 IST.

      Published on  Tue, Feb 26 2008, 15:59 GMT

      0

      0

      The Rupee rose against the Dollar

      Thu, Feb 21 2008, 15:44 GMT
      by ICICI Bank Treasury Research Group

      ICICI Bank


        • • The Rupee rose against the Dollar, appreciating by close to 0.7% today, as the cash dollar situation improved. The currency opened steady but later appreciated as banks liquidated their long dollar positions. Dollar sales by exporters along with intervention by Public sector banks later on in the day in the cash and tom market by way of Sell/Buy swaps helped in injecting liquidity into the system and thereby improving the situation. The USD/INR pair ended at 39.93 from 40.22 yesterday.
        • • The 6-month and 1 year forward premium was at 0.59% and 0.81% as compared to 0.53% and 0.33% yesterday.
        • • The Pound rose against the greenback after January retail sales data for U.K came in much stronger than expected, thereby weakening the case for a rate cut by BoE next month. EUR/USD was at 1.4717 from 1.4648 yesterday and GBP/USD was at 1.9565 from 1.9419 on Friday. USD/JPY was at 108.11 from 107.87 on yesterday. *

        *These levels are taken at 17:30 IST.

        Published on  Thu, Feb 21 2008, 15:44 GMT

        0

        0

        The Rupee fell below the psychological 40 mark today

        Wed, Feb 20 2008, 14:32 GMT
        by ICICI Bank Treasury Research Group

        ICICI Bank


          • • The Rupee fell below the psychological 40 mark today, due to cash dollar shortage arising on account of capital outflows along with Reserve bank intervention. Moreover, forward rates were trading at a discount because traders bought cash or spot and sold forward swaps currency thus driving away dollar sales by exporters from the market. The USD/INR pair ended at 40.22 from 39.91 yesterday.
          • • The 6-month forward rate was at a discount at 0.53% as compared to 0.25% yesterday while the 1-year forward rate was at 0.33% premium from 0.56% yesterday.
          • • The Pound fell against the greenback after the release of BoE minutes which showed that officials voted 8- 1 for a 25 bps cut with one backing for a 50 bps cut in the February monetary policy meeting of the central bank. The Euro also declined against the dollar after comments from a top German politician indicated that the country’s top regional state- backed Landesbanks was in a crisis. EUR/USD was at 1.4648 from 1.4734 yesterday and GBP/USD was at 1.9419 from 1.9504 on Friday. USD/JPY was at 107.87 from 107.48 on yesterday. *

          *These levels are taken at 17:30 IST.

          Published on  Wed, Feb 20 2008, 14:32 GMT

          0

          0

          The Rupee closed at a 5 month high against the Dollar

          Tue, Feb 19 2008, 15:10 GMT
          by ICICI Bank Treasury Research Group

          ICICI Bank


          • • The Rupee closed at a 5 month high against the Dollar, as lack of capital inflows due to a holiday in the U.S yesterday resulted in a cash dollar shortage thereby prompting traders to buy more dollars. Further dollar sales by exporters were missing from the market as currency forwards were trading at a discount. Thus, there was a huge mismatch between the demand and supply of the greenback with most participants being on the demand side. The USD/INR pair ended at 39.91 from 39.78 yesterday.
          • • The 6-month forward rate was at a 0.25% discount as compared to 0.47% yesterday while the 12 month forward rate was at a 0.56% premium from 0.92% yesterday.
          • • The Dollar fell against the Yen as rumours that the Chinese Central Bank would hike rates after consumer prices in the Mainland rose to an 11-year high in January weighed on the currency pair. The news of further write-downs by banks further prompted investors to unwind their carry trade positions. EUR/USD was at 1.4734 from 1.4627 yesterday and GBP/USD was at 1.9504 from 1.9493 yesterday. USD/JPY was at 107.48 from 108.23 yesterday. *

          *These levels are taken at 17:30 IST.

          Published on  Tue, Feb 19 2008, 15:10 GMT

          0

          0

          The Pound fell against the greenback

          Mon, Feb 18 2008, 14:27 GMT
          by ICICI Bank Treasury Research Group

          ICICI Bank


          • • The Rupee ended weaker today, depreciating by close to 0.3%, as it tracked the domestic stock market. The USD/INR pair ended at 39.78 from 39.67 on Friday.
          • • The 6-month and 1-year forward premium was at 0.47% and 0.92% as compared to 0.83% and 1.13% on Friday.
          • • The Pound fell against the greenback after the U.K government announced that it plans to nationalize Northern Rock Plc. The Yen also fell against the Dollar as rising risk appetite amongst investors is boosting carry trade. EUR/USD was at 1.4627 from 1.4685 on Friday and GBP/USD was at 1.9493 from 1.9626 on Friday. USD/JPY was at 108.23 from 107.26 on Friday. *

          *These levels are taken at 17:30 IST.

          Published on  Mon, Feb 18 2008, 14:27 GMT

          0

          0

          The Rupee fell today

          Fri, Feb 15 2008, 16:56 GMT
          by ICICI Bank Treasury Research Group

          ICICI Bank


          • • The Rupee fell today as traders bought the greenback on concerns of a capital outflow but a strong domestic equity market and dollar sales by exporters capped the Rupee’s fall. The USD/INR pair ended at 39.67 from 39.61 yesterday.
          • • The 6-month and 1-year forward premium was at 0.83% and 1.13% as compared to 1.06% and 1.25% yesterday.
          • • The Dollar weakened today on concerns of further write-downs of sub prime mortgages losses by banks following a rating downgrade of a U.S bond insurer along with a bleak outlook for the U.S economy as spelt out by Bernanke in his Congressional testimony yesterday. EUR/USD was at 1.4685 from 1.4608 yesterday and GBP/USD was at 1.9626 from 1.9688 yesterday. USD/JPY was at 107.26 from 108.26 yesterday. *

          *These levels are taken at 17:30 IST.

          Published on  Fri, Feb 15 2008, 16:56 GMT

          0

          0

          The Rupee strengthened against the dollar

          Thu, Feb 14 2008, 15:08 GMT
          by ICICI Bank Treasury Research Group

          ICICI Bank


          • The Rupee strengthened against the dollar as the sharp recovery in the domestic stock market helped to improve investor sentiment and encouraged capital inflows. The USD/INR pair ended at 39.61 from 39.76 yesterday.

          • The 6-month and 1-year forward premium was at 1.06% and 1.25% as compared to 0.40% and 0.91% yesterday.

          • The Dollar strengthened against the Yen as a rebound in global stocks along with better than expected U.S retail sales data helped to soother worries about the health of the global economy and ease risk aversion. EUR/USD was at 1.4608 from 1.4587 yesterday and GBP/USD was at 1.9688 from 1.9636 yesterday. USD/JPY was at 108.26 from 107.61 yesterday. *

          *These levels are taken at 17:30 IST.

          Published on  Thu, Feb 14 2008, 15:08 GMT

          0

          0

          The Pound rose against the Dollar

          Wed, Feb 13 2008, 14:53 GMT
          by ICICI Bank Treasury Research Group

          ICICI Bank


          • • The Rupee rose today as lack of flows resulted in a dollar shortage prompting traders to buy dollars. With currency forwards trading at a discount, dollar sales by exporters were also missing from the market, further putting the currency under pressure. The USD/INR pair ended at 39.76 from 39.66 yesterday.
          • • The 6-month and 1-year forward premium was at 0.40% and 0.91% as compared to 0.60% and 1.02% yesterday.
          • • The Pound rose against the Dollar after the Bank of England’s quarterly inflation report came out which indicated that aggressive easing by BoE would result in inflation overshooting the 2% level. Thus implying that BoE would ease rates only modestly in 2008. EUR/USD was at 1.4587 from 1.4534 yesterday and GBP/USD was at 1.9636 from 1.9526 yesterday. USD/JPY was at 107.61 from 107.17 yesterday. *

          *These levels are taken at 17:30 IST.

          Published on  Wed, Feb 13 2008, 14:53 GMT

          0

          0

          The Yen rose against the greenback

          Mon, Feb 11 2008, 16:22 GMT
          by ICICI Bank Treasury Research Group

          ICICI Bank


          • • The Rupee depreciated today tracking the domestic equity market as a weak listing of Reliance Power IPO hurt investor sentiment and lead to a capital outflow. The USD/INR pair ended at 39.70 from 39.63 on Friday.
          • • The 6-month and 1-year forward premium was at 0.85% and 1.14% as compared to 0.76% and 1.04% on Friday.
          • • The Yen rose against the greenback as worries about global growth highlighted at the G7 meeting over the weekend along with falling equity prices led to a rise in risk aversion and thus prompted investors to pare their holdings of risky assets. The Euro steadied against the Dollar, helped by hawkish comments by ECB policy makers. EUR/USD was at 1.4554 from 1.4482 on Friday and GBP/USD was at 1.9504 from 1.9487 on Friday. USD/JPY was at 106.68 from 107.44 on Friday. *

          *These levels are taken at 17:30 IST.

          Published on  Mon, Feb 11 2008, 16:22 GMT

          0

          0

          The Euro continued with its decline against the greenback

          Fri, Feb 8 2008, 16:46 GMT
          by ICICI Bank Treasury Research Group

          ICICI Bank


          • • The Rupee depreciated today on account of strong capital outflow from the domestic equity market. The USD/INR pair ended at 39.63 from 39.53 yesterday.
          • • The 6-month and 1-year forward premium was at 0.76% and 1.04% as compared to 1.28% and 1.31% yesterday.
          • • The Euro continued with its decline against the greenback after ECB President Trichet in his press statement yesterday highlighted increasing downside risks to growth thus suggesting that ECB would cut rates in the coming year. EUR/USD was at 1.4482 from 1.4557 yesterday and GBP/USD was at 1.9487 from 1.9445 yesterday. USD/JPY was at 107.44 from 106.06 yesterday. *

          *These levels are taken at 17:30 IST.

          Published on  Fri, Feb 8 2008, 16:46 GMT

          0

          0

          USD/JPY was at 106.06 from 106.53 yesterday

          Thu, Feb 7 2008, 15:53 GMT
          by ICICI Bank Treasury Research Group

          ICICI Bank


            • • The Rupee ended marginally lower today on account of capital outflow from the domestic stock market along with dollar demand by importers. However, dollar sales by exporters capped the Rupee’s losses. The USD/INR pair ended at 39.53 from 39.52 yesterday.
            • • The 6-month and 1-year forward premium was at 1.29% and 1.31% as compared to 1.35% and 1.34% yesterday.
            • • The Pound, following the 25 bps cut by the Bank of England (policy rate now at 5.25%), extended its losses against the greenback on expectation of further interest rate cuts by the central bank. The Euro also fell against the Dollar after ECB left its policy rate unchanged at 4%. EUR/USD was at 1.4557 from 1.4611 yesterday and GBP/USD was at 1.9445from 1.9573 yesterday. USD/JPY was at 106.06 from 106.53 yesterday. *

            *These levels are taken at 18:30 IST.

                Published on  Thu, Feb 7 2008, 15:53 GMT

                0

                1

                The USD/INR pair ended at 39.52 from 39.55 yesterday.

                Wed, Feb 6 2008, 14:29 GMT
                by ICICI Bank Treasury Research Group

                ICICI Bank


                  • • The Rupee ended marginally up after banks liquidated long dollar positions due to strong dollar sales from exporters towards the end of the trade. The domestic currency had slipped earlier in the day as banks covered short dollar positions to meet strong demand from foreign institutional investors. The USD/INR pair ended at 39.52 from 39.55 yesterday.
                  • • The 6-month and 1-year forward premium was at 1.35% and 1.34% as compared to 1.35% and 1.36% on Friday.
                  • • The Yen strengthened against the Euro and dollar as risk aversion increased after a bleak reading of the US service sector fanned recessionary concerns in the US, prompting an unwinding of carry trades. EUR/USD was at 1.4611 from 1.4677 on Monday and GBP/USD was at 1.9573 from 1.9682 yesterday. USD/JPY was at 106.53 from 107.55 yesterday. *

                  *These levels are taken at 17:30 IST.

                    Published on  Wed, Feb 6 2008, 14:29 GMT

                    0

                    0

                    The Dollar remained under pressure

                    Fri, Feb 1 2008, 14:06 GMT
                    by ICICI Bank Treasury Research Group

                    ICICI Bank


                      • • The Rupee strengthened today as dollar sales by exporters balanced the refund IPO outflow. A firm domestic stock market also aided the currency. The USD/INR pair ended at 39.35 from 39.38 yesterday.
                      • • The 6-month and 1-year forward premium was at 2.13% and 1.79% as compared to 2.07% and 1.73% yesterday.
                      • • The Dollar, remained under pressure, depreciated against the Euro as investors await non farm payroll data due later today to get clues on further rate cuts by the Fed. The expiry of EUR 4bn of strike 1.5000 in New York markets today have also kept the greenback from appreciating against the euro. EUR/USD was at 1.4896 from 1.4864 yesterday and GBP/USD was at 1.9897 from 1.9914 yesterday. USD/JPY was at 106.48 from 106.15 yesterday. *

                      *These levels are taken at 17:30 IST.

                        Published on  Fri, Feb 1 2008, 14:06 GMT

                        0

                        0

                        The Rupee weakened today

                        Wed, Jan 30 2008, 16:46 GMT
                        by ICICI Bank Treasury Research Group

                        ICICI Bank


                          • • The Rupee weakened today; recovering from its day lows, as it tracked the domestic stock market. Dollar sales by exporters also aided the currency. The USD/INR pair ended at 39.40 from 39.38 yesterday.
                          • • The 6-month and 1-year forward premium was at 2.24% and 1.84% as compared to 2.29% and 1.91% yesterday.
                          • • The Dollar fell today as investors await the policy rate decision by the Fed (whether Fed would cut rates by 25 bps or 50 bps) along with clues on further policy actions by the Fed to bolster the U.S economy. EUR/USD was at 1.4811 from 1.4781 yesterday and GBP/USD was at 1.9938 from 1.9926 yesterday. USD/JPY was at 106.9 from 106.79 yesterday. *

                          *These levels are taken at 17:30 IST.

                            Published on  Wed, Jan 30 2008, 16:46 GMT

                            0

                            0

                            The Dollar remained under pressure today

                            Tue, Jan 29 2008, 16:55 GMT
                            by ICICI Bank Treasury Research Group

                            ICICI Bank


                              • • The Rupee ended flat today as dollar sales by exporter offset the depreciation pressure arising on account of month end dollar demand by oil companies. The USD/INR pair ended at 39.38 same as yesterday.
                              • • The 6-month and 1-year forward premium was at 2.23% and 1.87% as compared to 2.18% and 1.79% yesterday.
                              • • The Dollar remained under pressure today, depreciating slightly, as the plunge in December new home sales data along with the expectations of weakening consumer confidence further strengthened the case for a 50 bps cut by the Fed tomorrow in its FOMC meeting. EUR/USD was at 1.4781 from 1.4727 yesterday and GBP/USD was at 1.9926 from 1.9839 yesterday. USD/JPY was at 106.79 from 106.49 yesterday. *

                              *These levels are taken at 17:30 IST.

                              Published on  Tue, Jan 29 2008, 16:55 GMT

                              0

                              0

                              The Yen strengthened against the Dollar despite the 75 bps cut

                              Wed, Jan 23 2008, 16:03 GMT
                              by ICICI Bank Treasury Research Group

                              ICICI Bank


                                • • The Rupee ended weaker today, on account of central bank intervention even as capital inflows picked up following the 75 bps emergency cut by the Fed yesterday. The USD/INR pair ended at 39.58 from 39.48 yesterday.
                                • • The 6-month and 1-year forward premium was at 1.96% and 1.58% as compared to 1.79% and 1.44% yesterday.
                                • • The Yen strengthened against the Dollar despite the 75 bps cut by the Fed yesterday, as fear of a U.S recession weighed on investor sentiment, leading to carry unwinding. EUR/USD was at 1.4587 from 1.4502 yesterday and GBP/USD was at 1.9552 from 1.9531 yesterday. USD/JPY was at 105.76 from 106.14 yesterday. *

                                *These levels are taken at 17:30 IST..

                                Published on  Wed, Jan 23 2008, 16:03 GMT

                                0

                                0

                                The Fed may cut rates before the FOMC meeting

                                Tue, Jan 22 2008, 16:49 GMT
                                by ICICI Bank Treasury Research Group

                                ICICI Bank


                                • • The Rupee ended up today, recovering from a one month low, as it tracked the domestic stock market. Dollar sales by companies and exporters further aided the currency. The USD/INR pair ended at 39.48 from 39.56 yesterday.
                                • • The 6-month and 1-year forward premium was at 1.79% and 1.44% as compared to 1.74% and 1.43% yesterday.
                                • • The Dollar weakened today on rumours that the Fed may cut rates before the FOMC meeting after stock markets world over plunged for a second consecutive day. EUR/USD was at 1.4502 from 1.4482 on Friday and GBP/USD was at 1.9531 from 1.9489 on Friday. USD/JPY was at 106.14 from 105.76 yesterday. *


                                *These levels are taken at 17:30 IST.

                                Published on  Tue, Jan 22 2008, 16:49 GMT

                                0

                                0

                                ECB member Wellink says the Euro economy is likely to slowdown by more than expectations

                                Mon, Jan 21 2008, 16:02 GMT
                                by ICICI Bank Treasury Research Group

                                ICICI Bank


                                • The Rupee depreciated sharply today, falling the most in over 3 months, as the crash in the domestic stock market triggered a capital outflow. The USD/INR pair ended at 39.56 from 39.30 on Friday.
                                • The 6-month and 1-year forward premium was at 1.74% and 1.43% as compared to 2.07% and 1.66% on Friday.
                                • The Dollar was mixed today as on the one hand comments by ECB member Wellink that the Euro economy is likely to slowdown by more than expectations supported the greenback, but on the other hand, rising risk aversion prompted investors to dump riskier assets thereby weakening the Dollar against Yen. EUR/USD was at 1.4482 from 1.4647 on Friday and GBP/USD was at 1.9489 from 1.9484 on Friday. USD/JPY was at 105.76 from 107.41 on Friday. *


                                    *These levels are taken at 17:30 IST.

                                    Published on  Mon, Jan 21 2008, 16:02 GMT

                                    0

                                    0

                                    The Yen, after falling to a low of 107.87 against the dollar, rebounded

                                    Thu, Jan 17 2008, 17:01 GMT
                                    by ICICI Bank Treasury Research Group

                                    ICICI Bank


                                    • The Rupee ended marginally weaker today tracking the domestic stock market. Intervention by RBI also checked the Rupees gains. The USD/INR pair ended at 39.30 from 39.29 yesterday.
                                    • The 6-month and 1-year forward premium was at 2.03% and 1.61% as compared to 2.08% and 1.74% yesterday.
                                    • The Yen, after falling to a low of 107.87 against the dollar, rebounded as worse than expected results by Merrill Lynch lead to a rise in risk aversion. EUR/USD was at 1.4658 from 1.4779 yesterday and GBP/USD was at 1.9625 from 1.9572 yesterday. USD/JPY was at 106.87 from 106.09 yesterday. *

                                      *These levels are taken at 17:30 IST.

                                      Published on  Thu, Jan 17 2008, 17:01 GMT

                                      0

                                      0

                                      The Dollar dropped to a low of 105.93 against the Yen

                                      Wed, Jan 16 2008, 16:29 GMT
                                      by ICICI Bank Treasury Research Group

                                      ICICI Bank


                                      • The Rupee ended marginally weaker today as central bank intervention checked the currency’s gain arising on account of capital inflows into Reliance Power IPO. The USD/INR pair ended at 39.29 from 39.27 yesterday.
                                      • The 6-month and 1-year forward premium was at 2.08% and 1.74% as compared to 2.11% and 1.78% yesterday.
                                      • The Dollar dropped to a low of 105.93 against the Yen before recovering slightly, as investors unwound their carry positions after weak data from the U.S and poor corporate results fuelled recessionary fears adding to expectations of aggressive rate cuts by the Fed. EUR/USD was at 1.4779 from 1.4863 yesterday and GBP/USD was at 1.9572 from 1.9644 yesterday. USD/JPY was at 106.09 from 107.76 yesterday. *

                                          *These levels are taken at 17:30 IST.

                                          Published on  Wed, Jan 16 2008, 16:29 GMT

                                          0

                                          0

                                          The Dollar weakened against the Euro falling to a low of 1.4915

                                          Mon, Jan 14 2008, 14:13 GMT
                                          by ICICI Bank Treasury Research Group

                                          ICICI Bank


                                          • The Rupee ended flat trading in a narrow band for most part of the day as dollar demand by state run banks prevented the Rupees rise on account of capital inflows. The USD/INR pair ended at 39.28 same as on Friday.
                                          • The 6-month and 1-year forward premium was at 1.94% and 1.61% as compared to 1.90% and 1.54% on Friday.
                                          • The Dollar weakened against the Euro falling to a low of 1.4915 weighed by expectations of a 50 bps cut by the Fed in its forthcoming policy meeting along with fears that U.S banks would disclose more than anticipated losses for Q4 on account of the subprime crisis. EUR/USD was at 1.4895 from 1.4776 on Friday and GBP/USD was at 1.9629 from 1.958 on Friday. USD/JPY was at 107.4 from 108.85 on Friday. *

                                            *These levels are taken at 17:30 IST.

                                            Published on  Mon, Jan 14 2008, 14:13 GMT

                                            0

                                            0

                                            The Yen strengthened against the Dollar

                                            Fri, Jan 11 2008, 15:59 GMT
                                            by ICICI Bank Treasury Research Group

                                            ICICI Bank


                                            • The Rupee ended steady today against the Dollar for the third successive day as persistent intervention by RBI prevented any gains arising out of capital inflows. The USD/INR pair ended at 39.28 from 39.29 yesterday.
                                            • The 6-month and 1-year forward premium was at 1.90% and 1.54% as compared to 1.75% and 1.41% yesterday.
                                            • The Yen strengthened against the Dollar on renewed fears over the impact of the ongoing credit market crisis as global equities tumbled on rumours that write downs by Merrill Lynch from subprime market would be around USD 15bn. The Pound on the other hand continued with its declining trend as industrial output came in below expectations strengthening the expectations of a rate cut by BoE next month. EUR/USD was at 1.4776 from 1.4648 yesterday and GBP/USD was at 1.958 from 1.9565 yesterday. USD/JPY was at 108.85 from 109.87 yesterday. *

                                            *These levels are taken at 17:30 IST.

                                            Published on  Fri, Jan 11 2008, 15:59 GMT

                                            0

                                            0

                                            The Pound weakened against the Dollar as bank left its key policy rate unchanged

                                            Thu, Jan 10 2008, 16:30 GMT
                                            by ICICI Bank Treasury Research Group

                                            ICICI Bank


                                              • The Rupee ended almost flat today against the Dollar as strong Dollar demand by nationalized banks on behalf of RBI checked its gains arising on account of Dollar sales by banks in anticipation of capital inflows into the IPO’s scheduled for next week. The USD/INR pair ended at 39.29 from 39.28 yesterday.
                                              • The 6-month and 1-year forward premium was at 1.75% and 1.41% as compared to 1.57% and 1.32% yesterday.
                                              • The Pound, after edging up slighting immediately after the Bank of England rate decision, weakened against the Dollar as bank left its key policy rate unchanged. EUR/USD was at 1.4648 from 1.4706 yesterday and GBP/USD was at 1.9565 from 1.9641 yesterday. USD/JPY was at 109.87 from 109.43 yesterday. *

                                              *These levels are taken at 18:15 IST.

                                              Published on  Thu, Jan 10 2008, 16:30 GMT

                                              0

                                              0

                                              The Pound continued with its fall against the Dollar

                                              Wed, Jan 9 2008, 17:00 GMT
                                              by ICICI Bank Treasury Research Group

                                              ICICI Bank


                                                • The Rupee ended marginally weaker against the Dollar after trading in a tight range for most part of the day on account of intervention by the central bank thus mitigating the appreciation pressure arising out of dollar sales by exporters. The USD/INR pair ended at 39.28 from 39.27 yesterday.
                                                • The 6-month and 1-year forward premium was at 1.57% and 1.32% as compared to 1.48% and 1.23% yesterday.
                                                • The Pound continued with its fall against the Dollar as uncertainty prevailed over tomorrows’ policy rate decision by Bank of England i.e whether BoE would cut its policy rate by 25 bps or remain on hold. EUR/USD was at 1.4706 from 1.4717 yesterday and GBP/USD was at 1.9641 from 1.9751 yesterday. USD/JPY was at 109.43 from 109.55 yesterday. *

                                                *These levels are taken at 18:15 IST.

                                                Published on  Wed, Jan 9 2008, 17:00 GMT

                                                0

                                                0

                                                The Pound continued with its fall against the Dollar

                                                Mon, Jan 7 2008, 15:43 GMT
                                                by ICICI Bank Treasury Research Group

                                                ICICI Bank


                                                  • The Rupee ended marginally weaker against the Dollar after trading in a tight range for most part of the day on account of intervention by the central bank thus mitigating the appreciation pressure arising out of dollar sales by exporters. The USD/INR pair ended at 39.28 from 39.27 yesterday.
                                                  • The 6-month and 1-year forward premium was at 1.57% and 1.32% as compared to 1.48% and 1.23% yesterday.
                                                  • The Pound continued with its fall against the Dollar as uncertainty prevailed over tomorrows’ policy rate decision by Bank of England i.e whether BoE would cut its policy rate by 25 bps or remain on hold. EUR/USD was at 1.4706 from 1.4717 yesterday and GBP/USD was at 1.9641 from 1.9751 yesterday. USD/JPY was at 109.43 from 109.55 yesterday. *

                                                  *These levels are taken at 18:15 IST.

                                                  Published on  Mon, Jan 7 2008, 15:43 GMT

                                                  0

                                                  0

                                                  The Yen traded near the highest levels in more than a month

                                                  Thu, Jan 3 2008, 13:50 GMT
                                                  by ICICI Bank Treasury Research Group

                                                  ICICI Bank


                                                  • The Rupee erased all earlier losses to end marginally up against the dollar as most custodial banks liquidated their long dollar positions due to lack of demand from FIIs. The USD/INR pair ended at 39.39 from 39.43 yesterday.
                                                  • The 6-month and 1-year forward premium was at 1.61% and 1.24% as compared to 1.50% and 1.14% yesterday.
                                                  • The Yen traded near the highest levels in more than a month against the dollar after minutes of the Fed’s December 11th FOMC meeting suggested that the policy makers judged U.S. economic growth to be ``somewhat more sluggish'' than forecast. The sharp decline in December ISM manufacturing to 47.7, indicating a contraction in US manufacturing activity further added to the downward pressure on the greenback. EUR/USD was at 1.4761 from 1.4685 yesterday and GBP/USD was at 1.9746 from 1.9829 yesterday. USD/JPY was at 108.47 from 111.49 yesterday. *

                                                  *These levels are taken at 18:15 IST.

                                                  Published on  Thu, Jan 3 2008, 13:50 GMT

                                                  0

                                                  0

                                                  The Dollar fell against the Euro

                                                  Wed, Jan 2 2008, 17:02 GMT
                                                  by ICICI Bank Treasury Research Group

                                                  ICICI Bank


                                                  • The Rupee pared all gains to end marginally down as banks covered short dollar positions noting the strong demand from state-run banks. The USD/INR pair ended at 39.43 from 39.41 on Tuesday.
                                                  • The 6-month and 1-year forward premium was at 1.50% and 1.14% as compared to 1.61% and 1.25% yesterday.
                                                  • The Dollar fell against the Euro on concerns that the slowdown in U.S. manufacturing will give the Federal Reserve more reason to lower interest rates at its next FOMC meeting. ISM manufacturing index for December, which is to be released later today is expected to continue its downslide. EUR/USD was at 1.4685 from 1.4588 yesterday and GBP/USD was at 1.9829 from 2.0063 yesterday. USD/JPY was at 111.49 from 111.99 yesterday. *

                                                  *These levels are taken at 18:15 IST.

                                                    Published on  Wed, Jan 2 2008, 17:02 GMT

                                                    0

                                                    0

                                                    The Dollar weakened against the Euro

                                                    Thu, Dec 27 2007, 13:06 GMT
                                                    by ICICI Bank Treasury Research Group

                                                    ICICI Bank


                                                      • The Rupee ended steady today as a lackluster stock market along with low year-end volumes kept the rupee range bound. The USD/INR pair ended at 39.42 same as yesterday.
                                                      • The 6-month and 1-year forward premium was at 2.02% and 1.46% as compared to 1.88% and 1.25% yesterday.
                                                      • The Dollar weakened against the Euro as a sharp drop in U.S October home prices raised concerns over the health of the U.S economy and investors now await data on U.S durable goods and consumer confidence, due later today to get further clues on the state of the U.S economy. EUR/USD was at 1.4516 from 1.4437 yesterday and GBP/USD was at 1.9911 from 1.9808 yesterday. USD/JPY was at 114.51 from 114.12 yesterday. *
                                                      *These levels are taken at 18:15 IST.

                                                      Published on  Thu, Dec 27 2007, 13:06 GMT

                                                      0

                                                      0

                                                      The Pound continued to weaken against the Dollar

                                                      Thu, Dec 20 2007, 15:00 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee rose against the Dollar on account of strong capital inflows, but year end Dollar demand by oil companies capped its gains. The USD/INR pair ended at 39.54 from 39.59 yesterday.
                                                      • The 6-month and 1-year forward premium was at 1.53% and 1.15% as compared to 1.64% and 1.20% yesterday.
                                                      • The Pound continued to weaken against the Dollar, weighed down by the mounting speculation that BoE would trim rates as early as January post the release of the minutes of the latest BoE’s monetary policy meeting yesterday. EUR/USD was at 1.432 from 1.4388 yesterday and GBP/USD was at 1.9878 from 2.0053 yesterday. USD/JPY was at 113.21 from 112.89 yesterday. *

                                                      *These levels are taken at 18:15 IST.

                                                      Published on  Thu, Dec 20 2007, 15:00 GMT

                                                      0

                                                      0

                                                      The Pound weakened against the Dollar after the minutes

                                                      Wed, Dec 19 2007, 14:11 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee ended weaker today against the Dollar due to capital outflows, but Dollar sales by exporters capped the Rupees descent. The USD/INR pair ended at 39.59 from 39.54 yesterday.
                                                      • The 6-month and 1-year forward premium was at 1.64% and 1.20% as compared to 1.76% and 1.30% yesterday.
                                                      • The Pound weakened against the Dollar after the minutes of the latest BoE monetary policy meeting show that the rate cut was a unanimous decision leading to speculation that there would be more rate cuts in U.K in the coming year. EUR/USD was at 1.4388 from 1.4395 yesterday and GBP/USD was at 2.0053 from 2.0153 yesterday. USD/JPY was at 112.89 from 113.43 yesterday. *


                                                      *These levels are taken at 18:15 IST.

                                                      Published on  Wed, Dec 19 2007, 14:11 GMT

                                                      0

                                                      0

                                                      Dollar strengthened against a basket of currencies

                                                      Tue, Dec 18 2007, 13:32 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      The Rupee ended weaker against the Dollar on account of strong capital outflow as the domestic stock markets fell by 4%. The USD/INR pair ended at 39.54 from 39.40 on Friday.

                                                      The 6-month and 1-year forward premium was at 1.98% and 1.40% as compared to 1.89% and 1.35% on Friday.

                                                      The Dollar strengthened against a basket of currencies as strong U.S inflation data last week continued to bolster sentiment on the U.S economy. EUR/USD was at 1.4373 from 1.4681 on Friday and GBP/USD was at 2.0142 from 2.0444 on Friday. USD/JPY was at 113.46 from 111.71 on Friday. *


                                                      *These levels are taken at 18:15 IST.

                                                      Published on  Tue, Dec 18 2007, 13:32 GMT

                                                      0

                                                      0

                                                      The Dollar strengthened

                                                      Mon, Dec 17 2007, 09:47 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      The Rupee gained against the greenback on account of strong capital inflows but intervention by RBI capped its gains. The USD/INR pair ended at 39.34 from 39.40 yesterday.

                                                      The 6-month and 1-year forward premium was at 2.02% and 1.39% as compared to 1.89% and 1.35% yesterday.

                                                      The Dollar strengthened against most majors after yesterdays better than expected retail sales data lead to speculation that the U.S economy may not be heading for a recession as had been feared by many earlier. EUR/USD was at 1.451 from 1.4681 yesterday and GBP/USD was at 2.0276 from 2.0444 yesterday. USD/JPY was at 112.85 from 111.71 yesterday. *


                                                      *These levels are taken at 18:15 IST.

                                                      Published on  Mon, Dec 17 2007, 09:47 GMT

                                                      0

                                                      0

                                                      The Yen rose against the dollar as turmoil in the credit markets prompted investors to unwind carry trade

                                                      Fri, Aug 17 2007, 13:50 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee gained marginally as exporters sold the dollar to take advantage of the fall in the domestic currency. The USD/INR pair ended at 41.32 from 41.36 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.30% and 1.48% as compared to 1.81% and 1.86%yesterday.


                                                      • The Yen rose against the dollar as turmoil in the credit markets prompted investors to unwind carry trade, however lost ground after the Fed announced a 50bps cut in the discount rate. EUR/USD was at 1.3491 from 1.3405 yesterday and GBP/USD was at 1.9874 from 1.9837 yesterday. USD/JPY was at 114.18 from 114.15 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Fri, Aug 17 2007, 13:50 GMT

                                                      0

                                                      0

                                                      The Yen rose against all major currencies

                                                      Thu, Aug 16 2007, 13:45 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee fell to a three month low with equity markets plunging in line with global cues. The USD/INR pair ended at 41.36 from 40.75 on Tuesday.


                                                      • The 6-month and 1-year forward premium was at 1.81% and 1.86% as compared to 1.97% and 1.96%on Tuesday.


                                                      • The Yen rose against all major currencies as the turmoil in global financial markets triggered a dramatic acceleration in the unwinding of carry trade. EUR/USD was at 1.3405 from 1.3585 on Tuesday and GBP/USD was at 1.9837 from 2.0013 on Tuesday. USD/JPY was at 114.15 from 118.26 on Tuesday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Thu, Aug 16 2007, 13:45 GMT

                                                      0

                                                      0

                                                      The dollar strengthened against the euro on the back of weak economic data in Europe

                                                      Tue, Aug 14 2007, 13:36 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee depreciated on speculation importers stepped up dollar purchase to guard against a further decline in the currency. The USD/INR pair ended at 40.75 from 40.64 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.97% and 1.96% as compared to 1.90% and 1.85% yesterday.


                                                      • The dollar strengthened against the euro on the back of weak economic data in Europe and concern over the extent to which European banks were exposed to U.S credit markets. EUR/USD was at 1.3585 from 1.3652 yesterday and GBP/USD was at 2.0013 from 2.0127 yesterday. USD/JPY was at 118.26 from 118.14 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Tue, Aug 14 2007, 13:36 GMT

                                                      0

                                                      0

                                                      The dollar gained against the euro

                                                      Fri, Aug 10 2007, 14:05 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The rupee depreciated on speculation that overseas investors are leading the stock market sell-off. The USD/INR pair ended at 40.64 from 40.525 yesterday.

                                                      • The 6-month and 1-year forward premium was at 1.97% and 1.94% as compared to 2.025% and 1.97% yesterday.

                                                      • The dollar gained against the euro, as the markets remained nervous over the sub prime problem. EUR/USD was at 1.3660 from 1.3729 yesterday and GBP/USD was at 2.0178 from 2.0266 yesterday. USD/JPY was at 117.49 from 118.43 yesterday. *

                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Fri, Aug 10 2007, 14:05 GMT

                                                      0

                                                      0

                                                      The Euro fell against the yen on renewed sub prime market concerns

                                                      Thu, Aug 9 2007, 13:45 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee closed little changed due to weakness in the equity market. The USD/INR pair ended at 40.525 from 40.53 yesterday.

                                                      • The 6-month and 1-year forward premium was at 2.025% and 1.97% as compared to 1.82% and 1.85% yesterday.

                                                      • The Euro fell against the yen on renewed sub prime market concerns. EUR/USD was at 1.3729 from 1.3776 yesterday and GBP/USD was at 2.0266 from 2.0327 yesterday. USD/JPY was at 118.43 from 118.7 yesterday. *

                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Thu, Aug 9 2007, 13:45 GMT

                                                      0

                                                      0

                                                      The pound appreciated against the dollar after BoE's inflation report released

                                                      Wed, Aug 8 2007, 13:36 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee fell against the dollar on concern capital flows will slowdown after the government tightened restrictions on foreign borrowing by domestic companies. The USD/INR pair ended at 40.53 from 40.40 yesterday.

                                                      • The 6-month and 1-year forward premium was at 1.82% and 1.85% as compared to 1.60% and 1.71% yesterday.

                                                      • The pound appreciated against the dollar after BoE’s inflation report showed upside risks to price but at the same time indicated that growth remains strong. EUR/USD was at 1.3776 from 1.3794 yesterday and GBP/USD was at 2.0327 from 2.0272 yesterday. USD/JPY was at 118.7 from 119.37 yesterday. *

                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Wed, Aug 8 2007, 13:36 GMT

                                                      0

                                                      0

                                                      The Dollar strengthened against a basket of currencies

                                                      Tue, Aug 7 2007, 13:32 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee held its ground as exporters booked profits by unwinding dollar holdings and global investors sold the rupee on heightened risk aversion. The USD/INR pair ended at 40.40 from 40.41 yesterday.

                                                      • The 6-month and 1-year forward premium was at 1.60% and 1.71% as compared to 1.75% and 1.80% yesterday.

                                                      • The Dollar strengthened against a basket of currencies, as markets remained edgy ahead of Fed’s decision on interest rates and accompanying statement. EUR/USD was at 1.3794 from 1.3827 yesterday and GBP/USD was at 2.0272 from 2.0322 yesterday. USD/JPY was at 118.7 from 117.86 yesterday. *

                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Tue, Aug 7 2007, 13:32 GMT

                                                      0

                                                      0

                                                      The Dollar weakened against a basket of currencies

                                                      Mon, Aug 6 2007, 15:04 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee lost ground on heightened concerns about a global credit squeeze prompting investors to reduce holdings of emerging market assets. The USD/INR pair ended at 40.40 from 40.34 on Friday.


                                                      • The 6-month and 1-year forward premium was at 1.75% and 1.80% as compared to 1.74% and 1.79% on Friday.


                                                      • The Dollar weakened against a basket of currencies as investors speculated that losses on subprime mortgages will slowdown the economy and prompt a Fed rate cut. EUR/USD was at 1.3827 from 1.3722 on Friday and GBP/USD was at 2.0322 from 2.0380 on Friday. USD/JPY was at 117.86 from 118.97 on Friday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Mon, Aug 6 2007, 15:04 GMT

                                                      0

                                                      0

                                                      The Euro gained against the Dollar after the lower than expected payroll numbers

                                                      Fri, Aug 3 2007, 16:02 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee rose on anticipation of fresh flows as the local stock markets gained. The USD/INR pair ended at 40.34 from 40.42 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.74% and 1.79% as compared to 1.95% and 1.91% yesterday.


                                                      • The Euro gained against the Dollar after the lower than expected payroll numbers. EUR/USD was at 1.3722 from 1.3668 yesterday and GBP/USD was at 2.0380 from 2.0299 yesterday. USD/JPY was at 118.97 from 118.98 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Fri, Aug 3 2007, 16:02 GMT

                                                      0

                                                      0

                                                      The Dollar steadied against the euro as ECB left key rates unchanged as expectations

                                                      Thu, Aug 2 2007, 13:40 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee itched up on account of foreign inflows and dollar demand by oil firms. The USD/INR pair ended at 40.42 from 40.46 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.95% and 1.91% as compared to 1.87% and 1.82% yesterday.


                                                      • The Dollar steadied against the euro as ECB left key rates unchanged as per market expectations. EUR/USD was at 1.3668 from 1.3667 yesterday and GBP/USD was at 2.0299 from 2.0266 yesterday. USD/JPY was at 118.98 from 118.51 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Thu, Aug 2 2007, 13:40 GMT

                                                      0

                                                      0

                                                      The Dollar gained modestly as NFP data due on Friday may be below expectations

                                                      Wed, Aug 1 2007, 13:42 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened as concern about further deterioration in U.S. credit markets prompted global investors to cut positions in the emerging markets. The USD/INR pair ended at 40.46 from 40.38 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.87% and 1.82% as compared to 1.62% and 1.68% yesterday.


                                                      • The Dollar gained modestly as reports indicate that NFP data due on Friday may be below market expectations. EUR/USD was at 1.3667 from 1.3710 yesterday and GBP/USD was at 2.0266 from 2.0336 yesterday. USD/JPY was at 118.51 from 119.34 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Wed, Aug 1 2007, 13:42 GMT

                                                      0

                                                      0

                                                      The Dollar weakened against a basket of currencies on concern over the U.S. subprime market

                                                      Tue, Jul 31 2007, 13:30 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      The Rupee gained against the dollar as the central bank in its credit policy announced measures, which would reduce the supply of funds in the banking system thereby putting a pressure on the currency. The USD/INR pair ended at 40.38 from 40.55 yesterday.


                                                      The 6-month and 1-year forward premium was at 1.62% and 1.68% as compared to 1.04% and 1.27% yesterday.


                                                      The Dollar weakened against a basket of currencies on concern over the U.S. subprime market and the housing recession slowing down economic growth. EUR/USD was at 1.3710 from 1.3669 yesterday and GBP/USD was at 2.0336 from 2.0243 yesterday. USD/JPY was at 119.34 from 118.23 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Tue, Jul 31 2007, 13:30 GMT

                                                      0

                                                      0

                                                      The Dollar slid modestly against the euro

                                                      Mon, Jul 30 2007, 13:33 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee slipped modestly on dollar demand by oil companies and nervousness before tomorrows RBI’s policy review. The USD/INR pair ended at 40.55 from 40.52 on Friday.


                                                      • The 6-month and 1-year forward premium was at 1.04% and 1.27% as compared to 1.27% and 1.43% previously.


                                                      • The Dollar slid modestly against the euro as the market geared up for the economic data releases in the coming week and potentially some credit driven market volatility. EUR/USD was at 1.3669 from 1.3647 on Friday and GBP/USD was at 2.0243 from 2.0314 on Friday. USD/JPY was at 118.23 from 118.89 on Friday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Mon, Jul 30 2007, 13:33 GMT

                                                      0

                                                      0

                                                      The Dollar strengthened against all the major currencies riding on a favorable sentiment

                                                      Fri, Jul 27 2007, 13:32 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee remained weak as the impact of a strengthening dollar spilled over to the Indian markets. The USD/INR pair ended at 40.52 from 40.35 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.27% and 1.43% as compared to 0.93% and 1.31% yesterday.


                                                      • The Dollar strengthened against all the major currencies riding on a favorable sentiment. EUR/USD was at 1.3647 from 1.3712 yesterday and GBP/USD was at 2.0314 from 2.0543 yesterday. USD/JPY was at 118.89 from 119.99 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Fri, Jul 27 2007, 13:32 GMT

                                                      0

                                                      0

                                                      The Dollar hung on to the gains it made against major currencies

                                                      Thu, Jul 26 2007, 13:54 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee remained weak against the dollar due to suspected central bank intervention combined with selling by FII’s. The USD/INR pair ended at 40.35 same as yesterday.


                                                      • The 6-month and 1-year forward premium was at 0.93% and 1.31% as compared to 1.14% and 1.41% yesterday.


                                                      • The Dollar hung on to the gains it made against major currencies as correction continued to take place. EUR/USD was at 1.3712 from 1.3743 yesterday and GBP/USD was at 2.0543 from 2.0447 yesterday. USD/JPY was at 119.99 from 120.46 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Thu, Jul 26 2007, 13:54 GMT

                                                      0

                                                      0

                                                      The Dollar rose today against major currencies on account of a correction taking place

                                                      Wed, Jul 25 2007, 13:54 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened today as suspected central bank intervention pushed the rupee down. The USD/INR pair ended at 40.35 from 40.28 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.14% and 1.41% as compared to 0.96% and 1.29% yesterday.


                                                      • The Dollar rose today against major currencies on account of a correction taking place. EUR/USD was at 1.3743 from 1.3841 yesterday and GBP/USD was at 2.0543 from 2.0629 yesterday. USD/JPY was at 120.46 from 120.89 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Wed, Jul 25 2007, 13:54 GMT

                                                      0

                                                      0

                                                      The Dollar weakness continued

                                                      Tue, Jul 24 2007, 13:40 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciation continued as capital flows remained strong. It briefly reached an intra-day high of 40.20 before suspected central bank intervention pushed it back. The USD/INR pair ended at 40.28 same as on Monday.


                                                      • The 6-month and 1-year forward premium was at 0.96% and 1.29% as compared to 0.6% and 1.09% yesterday.


                                                      • The Dollar weakness continued as concerns over the impact of US sub-prime market on the U.S. economy remained. EUR/USD was at 1.3841 from 1.3816 yesterday and GBP/USD was at 2.0629 from 2.0576 yesterday. USD/JPY was at 120.89 from 121.33 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Tue, Jul 24 2007, 13:40 GMT

                                                      0

                                                      0

                                                      The Dollar remained low

                                                      Mon, Jul 23 2007, 13:35 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee continued to appreciate on strong capital inflows. It briefly reached an intra-day high of 40.23 before suspected central bank intervention pushed it back. The USD/INR pair ended at 40.28 from 40.32 on Friday.


                                                      • The 6-month and 1-year forward premium was at 0.6% and 1.09% as compared to 1.25% and 1.57% yesterday.


                                                      • The Dollar remained low as nervousness over the impact of US sub-prime mortgages and credit markets on the economy remained. EUR/USD was at 1.3816 from 1.3798 on Friday and GBP/USD was at 2.0576 from 2.0534 previously. USD/JPY was at 121.33 from 122.12 on Friday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Mon, Jul 23 2007, 13:35 GMT

                                                      0

                                                      0

                                                      The Dollar remained low over continued concerns of the impact of the housing market slowdown on growth

                                                      Fri, Jul 20 2007, 13:45 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee ended the week higher as strong capital inflows continued to put an upward pressure on the currency. The USD/INR pair ended at 40.32 from 40.36 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.25% and 1.57% as compared to 1.64% and 1.77% yesterday.


                                                      • The Dollar remained low over continued concerns of the impact of the housing market slowdown on growth. EUR/USD was at 1.3798 from 1.3813 on yesterday and GBP/USD was at 2.0534 from at 2. 0480 previously. USD/JPY was at 122.12 from 122.07 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Fri, Jul 20 2007, 13:45 GMT

                                                      0

                                                      0

                                                      The Dollar depreciated over continued concerns of the impact of the housing market slowdown on growth

                                                      Thu, Jul 19 2007, 14:04 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee rose on strong capital flows, though suspected central bank intervention lessened the impact. The USD/INR pair ended at 40.36 from 40.40 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.64% and 1.77% as compared to 1.18% and 1.57% yesterday.


                                                      • The Dollar depreciated over continued concerns of the impact of the housing market slowdown on growth and speculation of a Fed rate cut. EUR/USD was at 1.3813 from 1.3779 on yesterday and GBP/USD was at 2.0480 from at 2. 0502 previously. JPY/USD was at 122.07 from 122.13 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Thu, Jul 19 2007, 14:04 GMT

                                                      0

                                                      0

                                                      The Dollar slid to a 12 year low against a basket of major currencies

                                                      Wed, Jul 18 2007, 13:45 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee declined as fears over the fallout from the U.S. subprime market lead traders to cut rupee positions. The USD/INR pair ended at 40.40 from 40.36 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.18% and 1.57% as compared to 1.42% and 1.65% yesterday.


                                                      • The Dollar slid to a 12 year low against a basket of major currencies amidst fears that the problems in the housing sector might prevent the Fed from raising rates at a time when other central banks are tightening policy. EUR/USD was at 1.3779 from 1.3776 on yesterday and GBP/USD was at 2.0502 from at 2.0468 previously. JPY/USD was at 122.13 from 122.03 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Wed, Jul 18 2007, 13:45 GMT

                                                      0

                                                      0

                                                      The Dollar was stable against the euro

                                                      Tue, Jul 17 2007, 13:45 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee rose marginally on Tuesday as the impact of strong inflows on the currency was mitigated by dollar purchase by central bank and oil firms. The USD/INR pair ended at 40.36 from 40.37 yesterday.


                                                      • The 6-month and 1-year forward premium was at 1.42% and 1.65% as compared to 1.77%and 1.86% yesterday.


                                                      • The Dollar was stable against the euro after the inflation data release showed that core producer prices were higher than expected but headline prices had declined. EUR/USD was at 1.3776 from 1.3784 on Friday and GBP/USD was at 2.0468 from at 2.0371 previously. JPY/USD was at 122.03 from 121.76 yesterday. *

                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Tue, Jul 17 2007, 13:45 GMT

                                                      0

                                                      0

                                                      The Dollar continued to remain weak against the major currencies

                                                      Mon, Jul 16 2007, 07:25 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The appreciation pressure on the Indian Rupee continued on account of strong inflows however was mitigated by suspected central bank intervention. The USD/INR pair ended at 40.37 from 40.42 on Friday.


                                                      • The 6-month and 1-year forward premium was at 1.77% and 1.86% as compared to 1.91% and 1.93% previously.


                                                      • The Dollar continued to remain weak against the major currencies on general overall bearish sentiment towards it. EUR/USD was at 1.3784 from 1.3796 on Friday and GBP/USD was at 2.0371 from at 2.0348 previously. JPY/USD was at 121.76 from 122.24 on Friday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Mon, Jul 16 2007, 07:25 GMT

                                                      0

                                                      0

                                                      The Euro rose to an all time high as a result of follow through selling post a weak US retail sales report

                                                      Fri, Jul 13 2007, 14:19 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Indian Rupee appreciated as Dollar selling pressure continued to outweigh central bank intervention. The USD/INR pair ended at 40.42 from 40.50 earlier.


                                                      • The 6-month and 1-year forward premium was at 1.19% and 1.93% as compared to 2.09% and 2.03% previously.


                                                      • The Euro rose to an all time high as a result of follow through selling post a weak US retail sales report. EUR/USD was at 1.3796 from 1.3788 yesterday and GBP/USD was at 2.0348 from 2.0328 yesterday. JPY/USD was at 122.24 from 122.16 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Fri, Jul 13 2007, 14:19 GMT

                                                      0

                                                      0

                                                      The Dollar sank to a record low against the euro

                                                      Thu, Jul 12 2007, 14:43 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated initially due to customers selling but was pushed up to 70 levels due to intervention and customer demand, which again triggered selling and it finally closed at 50. The USD/INR pair ended at 40.50 from 40.40 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.09% and 2.03% as compared to 1.88% and 1.98% previously.


                                                      • The Dollar sank to a record low against the euro weighed by concerns that wobbles in U.S. mortgage and credit markets could spread to the wider economy. EUR/USD was at 1.3788 from 1. 3767 yesterday and GBP/USD was at 2.0328 from 2.0334 yesterday. JPY/USD was at 122.16 from 121.58 yesterday. *


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Thu, Jul 12 2007, 14:43 GMT

                                                      0

                                                      0

                                                      The Dollar sentiment stayed low even today

                                                      Tue, Jul 10 2007, 13:39 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated today amidst a low Dollar sentiment that led to heavy selling in the market, as even the RBI intervention and Dollar demand by oil cos failed to support the Dollar. The USD/INR pair ended at 40.38 from 40.43 earlier.


                                                      • The 6-month and 1-year forward premium was at 1.71% and 1.82% as compared to 1.79% and 1.86% previously.


                                                      • The Dollar sentiment stayed low even today, which saw the currency fall to a two and a half month low against a basket of major currencies. EUR/USD was at 1.3664 from 1. 3623 yesterday and GBP/USD was at 2.0174 from 2.0148 yesterday. JPY/USD was at 122.84 from 123.42 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Tue, Jul 10 2007, 13:39 GMT

                                                      0

                                                      0

                                                      The Dollar registered some weakness against the Euro and the Sterling

                                                      Mon, Jul 9 2007, 13:20 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee lost early morning gains registered in expectation of flows and low NDF activity, as it was countered by Dollar demand by oil cos, with the RBI also supporting the Dollar around 37-38 levels. The USD/INR pair ended at 40.43 from 40.44 earlier.


                                                      • The 6-month and 1-year forward premium was at 1.79% and 1.86% as compared to 2.48% and 2.37% previously.


                                                      • The Dollar registered some weakness against the Euro and the Sterling as even a strong payroll data failed to change market expectations of the Fed staying put at 5.25%, while the other central banks are expected to raise further. EUR/USD was at 1.3623 from 1. 3588 on Friday and GBP/USD was at 2.0148 from 2.0093 on Friday. JPY/USD was at 123.42 from 123.29 on Friday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Mon, Jul 9 2007, 13:20 GMT

                                                      0

                                                      0

                                                      The Dollar appreciated across the board today

                                                      Fri, Jul 6 2007, 13:39 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened marginally even though there was Dollar selling on behalf of FII’s, but the RBI was seen supporting the greenback at 41 levels. The USD/INR pair ended at 40.44 from 40.43 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.48% and 2.37% as compared to 2.28% and 2.28% previously.


                                                      • The Dollar appreciated across the board today after a better than expected ISM non-manufacturing data strengthened the view that a Fed cut is unlikely. EUR/USD was at 1.3588 from 1. 3642 yesterday and GBP/USD was at 2.0093 from 2.0188 yesterday. JPY/USD was at 123.29 from 122.54 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Fri, Jul 6 2007, 13:39 GMT

                                                      0

                                                      0

                                                      The Sterling appreciated against the Dollar

                                                      Thu, Jul 5 2007, 13:28 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated only marginally today despite substantial flows, as the central bank was seen supporting the Dollar. The USD/INR pair ended at 40.43 from 40.45 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.28% and 2.28% as compared to 2.09% and 2.18% previously.


                                                      • The Sterling appreciated against the Dollar after the Bank of England announced a 25 bps rate hike to 5.75% today. EUR/USD was at 1.3642 from 1. 362 yesterday and GBP/USD was at 2.0188 from 2.0172 yesterday. JPY/USD was at 122.54 from 122.49 yesterday. *


                                                      *These levels are taken at 18.30 IST.

                                                      Published on  Thu, Jul 5 2007, 13:28 GMT

                                                      0

                                                      0

                                                      The Dollar continued to depreciate across the board

                                                      Wed, Jul 4 2007, 14:29 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated further amidst flows related selling seen in the market today. The USD/INR pair ended at 40.45 from 40.54 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.09% and 2.18% as compared to 2.13% and 2.25% previously.


                                                      • The Dollar continued to depreciate across the board as trade was relatively low due to the US Independence day holiday. EUR/USD was at 1.362 from 1. 3603 yesterday and GBP/USD was at 2.0172 from 2.0149 yesterday. JPY/USD was at 122.54 from 122.49 yesterday. *


                                                      *These levels are taken at 18.30 IST.

                                                      Published on  Wed, Jul 4 2007, 14:29 GMT

                                                      0

                                                      0

                                                      The Dollar fell to a 26−year low against the Sterling

                                                      Tue, Jul 3 2007, 14:11 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated today due to some inflows and crosses related selling that took it to 40 levels around which RBI intervention supported the Dollar, bringing it to the closing level. The USD/INR pair ended at 40.54 from 40.65 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.13% and 2.25% as compared to 2.10% and 2.28% previously.


                                                      • The Dollar fell to a 26-year low against the Sterling at the back of expectations that the BoE is likely to raise rates to 5.75% in the upcoming meeting. EUR/USD was at 1.3603 from 1. 3589 yesterday and GBP/USD was at 2.0149 from 2.011 yesterday. JPY/USD was at 122.49 from 122.64 yesterday. *


                                                      *These levels are taken at 18.30 IST.

                                                      Published on  Tue, Jul 3 2007, 14:11 GMT

                                                      0

                                                      0

                                                      The Dollar was seen to weaken across the board

                                                      Mon, Jul 2 2007, 13:12 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee continued to appreciate amidst Dollar being sold today in line with the latter’s weakness against the crosses. The USD/INR pair ended at 40.65 from 40.73 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.10% and 2.28% as compared to 2.53% and 2.58% previously.


                                                      • The Dollar was seen to weaken across the board amidst increasing financial woes in the US with the subprime mortgage market coming back in focus. EUR/USD was at 1.3589 from 1. 3507 on Friday and GBP/USD was at 2.011 from 2.0052 Friday. JPY/USD was at 122.64 from 123.18 Friday. *


                                                      *These levels are taken at 18.30 IST.

                                                      Published on  Mon, Jul 2 2007, 13:12 GMT

                                                      0

                                                      0

                                                      The Sterling continues to appreciate in anticipation of a rate hike

                                                      Fri, Jun 29 2007, 14:29 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated today as foreign banks sold Dollar through the day. The USD/INR pair ended at 40.73 from 40.83 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.53% and 2.58% as compared to 2.91% and 2.83% previously.


                                                      • The Sterling continues to appreciate in anticipation of a rate hike being announced by the BoE next week. EUR/USD was at 1.3507 from 1. 3465 yesterday and GBP/USD was at 2.0052 from 2.0023 yesterday. JPY/USD was at 122.34 from 122.93 yesterday. *


                                                      *These levels are taken at 18.30 IST.

                                                      Published on  Fri, Jun 29 2007, 14:29 GMT

                                                      0

                                                      0

                                                      The Sterling rode high against the Dollar on the back of strong housing data

                                                      Thu, Jun 28 2007, 13:01 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated today amidst expectations of inflows and lack of NDF demand. The USD/INR pair ended at 40.83 from 41.00 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.91% and 2.83% as compared to 3.35% and 3.03% previously.


                                                      • The Sterling rode high against the Dollar on the back of strong housing data that raised expectations of a BoE rate hike in July. EUR/USD was at 1.3465 from 1. 3435 yesterday and GBP/USD was at 2.0023 from 1.9959 yesterday. JPY/USD was at 122.93 from 122.51 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Thu, Jun 28 2007, 13:01 GMT

                                                      0

                                                      0

                                                      The Yen pulled back further against the Dollar

                                                      Wed, Jun 27 2007, 13:24 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened further amidst NDF buying, but was somewhat supported by exporters selling above 41 levels and some inflows. The USD/INR pair ended at 41.00 from 40.94 earlier


                                                      • The 6-month and 1-year forward premium was at 3.35% and 3.03% as compared to 2.96% and 2.80% previously.


                                                      • The Yen pulled back further against the Dollar, gaining for the third day, amidst falling global equities, rising volatility and renewed concern about US subprime mortgage sector that have raised risk aversion amongst the investors and prompted them to trim their carry exposure. EUR/USD was at 1.3435 from 1.3458 yesterday and GBP/USD was at 1.9959 from 1.9995 yesterday. JPY/USD was at 122.51 from 123.23 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Wed, Jun 27 2007, 13:24 GMT

                                                      0

                                                      0

                                                      The Yen further receded from recent highs

                                                      Tue, Jun 26 2007, 13:03 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee continued to weaken as global investors trimmed positions in the high yielding Rupee amidst mounting concerns about risky assets. The USD/INR pair ended at 40.94 from 40.86 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.96% and 2.80% as compared to 2.40% and 2.52% previously.


                                                      • The Yen further receded from recent highs, which could be due to some trimming in carry trades after officials expressed concern about the current levels. EUR/USD was at 1.3458 from 1.3465 yesterday and GBP/USD was at 1.9995 from 1.9999 yesterday. JPY/USD was at 123.23 from 123.63 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Tue, Jun 26 2007, 13:03 GMT

                                                      0

                                                      0

                                                      The Sterling touched the 2 mark again

                                                      Mon, Jun 25 2007, 13:57 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened further due to Dollar demand by foreign banks, oil cos and NDF, with no flows seen to support the Rupee. The USD/INR pair ended at 40.86 from 40.76 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.40% and 2.52% as compared to 2.76% and 2.72% previously.


                                                      • The Sterling touched the 2 mark again as market expectations of the BoE announcing a rate hike in June strengthen. EUR/USD was at 1.3465 from 1.3435 on Friday and GBP/USD was at 1.9999 from 1.9967 on Friday. JPY/USD was at 123.63 from 124.12 on Friday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Mon, Jun 25 2007, 13:57 GMT

                                                      0

                                                      0

                                                      The Dollar scaled a 4−1/2 year peak against the Yen

                                                      Fri, Jun 22 2007, 13:08 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened today in the face of Dollar demand by oil cos and customers. The USD/INR pair ended at 40.76 from 40.71 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.76% and 2.72% as compared to 2.94% and 2.83% previously.


                                                      • The Dollar scaled a 4-1/2 year peak against the Yen, as investors continue to reap carry gains. But the greenback continued to weaken against the Sterling. EUR/USD was at 1.3435 from 1.3391 yesterday and GBP/USD was at 1.9967 from 1.9934 yesterday. JPY/USD was at 124.12 from 123.57 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Fri, Jun 22 2007, 13:08 GMT

                                                      0

                                                      0

                                                      The Sterling continues to stay strong

                                                      Thu, Jun 21 2007, 13:06 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee strengthened today backed by flow based Dollar selling done by foreign banks. The USD/INR pair ended at 40.71 from 40.75 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.94% and 2.83% as compared to 2.80% and 2.73% previously.


                                                      • The Sterling continues to stay strong, as the market has begun to price in expectations of another rate hike happening as early as next month. EUR/USD was at 1.3391 from 1.3431 yesterday and GBP/USD was at 1.9934 from 1.9926 yesterday. JPY/USD was at 123.57 from 123.53 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Thu, Jun 21 2007, 13:06 GMT

                                                      0

                                                      0

                                                      The Sterling strengthened against the Dollar after the BoE minutes

                                                      Wed, Jun 20 2007, 12:58 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened initially due to oil demand and demand by foreign banks but selling later in the day saw it recover previous losses. The USD/INR pair ended at 40.75 from 40.81 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.80% and 2.73% as compared to 2.82% and 2.75% previously.


                                                      • The Sterling strengthened against the Dollar after the BoE minutes cemented expectations of another rate hike being announced. EUR/USD was at 1.3431 from 1.341 yesterday and GBP/USD was at 1.9926 from 1.9872 yesterday. JPY/USD was at 123.53 from 123.49 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Wed, Jun 20 2007, 12:58 GMT

                                                      0

                                                      0

                                                      The Dollar weakness persisted today as it suffers due to falling US yields

                                                      Tue, Jun 19 2007, 13:40 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened today due to Oil cos Dollar demand, short covering and probable RBI intervention. The USD/INR pair ended at 40.81 from 40.76 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.82% and 2.75% as compared to 2.94% and 2.82% previously.


                                                      • The Dollar weakness persisted today as it suffers due to falling US yields. EUR/USD was at 1.341 from 1.3408 yesterday and GBP/USD was at 1.9872 from 1.9821 yesterday. JPY/USD was at 123.49 from 123.42 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Tue, Jun 19 2007, 13:40 GMT

                                                      0

                                                      0

                                                      The Dollar weakened against all the majors

                                                      Mon, Jun 18 2007, 15:20 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated today with Oil cos Dollar demand being wiped by some selling seen toward the day close in anticipation of flows tomorrow. Rupee was also supported by an across the board Dollar depreciation. The USD/INR pair ended at 40.76 from 40.86 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.94% and 2.82% as compared to 3.14% and 2.88% previously.


                                                      • The Dollar weakened against all the majors, an impact of weaker core inflation reading on market rate expectations. EUR/USD was at 1.3408 from 1.3315 on Friday and GBP/USD was at 1.9821 from 1.9698 on Friday. JPY/USD was at 123.42 from 123.49 on Friday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Mon, Jun 18 2007, 15:20 GMT

                                                      0

                                                      0

                                                      The Yen depreciated further today as the BoJ decided to hold rates at 0.5%

                                                      Fri, Jun 15 2007, 14:00 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee ended slightly stronger today, as flows offset the Dollar demand by oil cos. The USD/INR pair ended at 40.86 from 40.90 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.14% and 2.88% as compared to 3.08% and 2.87% previously.


                                                      • The Yen depreciated further today as the BoJ decided to hold rates at 0.5% and Fukui was slightly dovish in his rate outlook. EUR/USD was at 1.3315 from 1.3296 yesterday and GBP/USD was at 1.9698 from 1.967 yesterday. JPY/USD was at 123.49 from 123.06 on yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Fri, Jun 15 2007, 14:00 GMT

                                                      0

                                                      0

                                                      The Yen continues to weaken against the Dollar

                                                      Thu, Jun 14 2007, 15:25 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee inched up slightly today but suspected central bank intervention along with oil cos dollar demand capped the gains. The USD/INR pair ended at 40.90 from 40.95 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.08% and 2.87% as compared to 3.39% and 3.11% previously.


                                                      • The Yen continues to weaken against the Dollar as carry trades strengthen their hold amidst no signals coming from the BoJ about their rate outlook. EUR/USD was at 1.3296 from 1.3311 yesterday and GBP/USD was at 1.967 from 1.9731 yesterday. JPY/USD was at 123.06 from 122.72 on yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Thu, Jun 14 2007, 15:25 GMT

                                                      0

                                                      0

                                                      The Yen fell significantly against the dollar

                                                      Wed, Jun 13 2007, 15:52 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee depreciated on account of NDF buying as the dollar strengthened across the board. The USD/INR pair ended at 40.97 from 40.75 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.39% and 3.11% as compared to 2.95% and 2.84% previously.


                                                      • The Yen fell significantly against the dollar amid expectation that rising global bond yields will induce Japanese investors to continue buying foreign assets. EUR/USD was at 1.3272 from 1.3332 yesterday and GBP/USD was at 1.9681 from 1.9734 yesterday. JPY/USD was at 122.45 from 121.8 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Wed, Jun 13 2007, 15:52 GMT

                                                      0

                                                      0

                                                      The Dollar gained substantially against the euro

                                                      Tue, Jun 12 2007, 15:45 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated mainly on account of strong flows. The USD/INR pair ended at 40.75 from 40.8 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.95% and 2.84% as compared to 2.64% and 2.69% previously.


                                                      • The Dollar gained substantially against the euro amid expectations that reports will show that growth is recovering in the US. EUR/USD was at 1.3332 from 1.3358 yesterday and GBP/USD was at 1.9734 from 1.9687 yesterday. JPY/USD was at 121.8 from 121.72 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Tue, Jun 12 2007, 15:45 GMT

                                                      0

                                                      0

                                                      The Yen gained after the Reserve Bank of New Zealand sold its currency to stem the rally

                                                      Mon, Jun 11 2007, 13:44 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated mainly on account of strong flows. The USD/INR pair ended at 40.8 from 41.13 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.64% and 2.69% as compared to 2.14% and 2.37% previously.


                                                      • The Yen gained after the Reserve Bank of New Zealand sold its currency to stem the rally. EUR/USD was at 1.3358 from 1.3338 yesterday and GBP/USD was at 1.9687 from 1.9646 yesterday. JPY/USD was at 121.72 from 121.62 on Friday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Mon, Jun 11 2007, 13:44 GMT

                                                      0

                                                      0

                                                      The Dollar appreciated across the board today

                                                      Fri, Jun 8 2007, 14:38 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee slid to nearly a month low today mainly due to NDF buying. The USD/INR pair ended at 41.13 from 40.70 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.14% and 2.37% as compared to 2.48% and 2.64% previously.


                                                      • The Dollar appreciated across the board today as the markets were seen to be highly volatile through the day. EUR/USD was at 1.3338 from 1.347 yesterday and GBP/USD was at 1.9646 from 1.9855 yesterday. JPY/USD was at 121.62 from 121.46 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Fri, Jun 8 2007, 14:38 GMT

                                                      0

                                                      0

                                                      The Sterling pared its earlier gains after the Bank of England kept rates unchanged at 5.5%,

                                                      Thu, Jun 7 2007, 12:47 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened further, though interbank selling took it to 50 levels, there were oil cos buying and general Dollar demand that pared earlier gains. The USD/INR pair ended at 40.70 from 40.67 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.48% and 2.64% as compared to 2.68% and 2.76% previously.


                                                      • The Sterling pared its earlier gains after the Bank of England kept rates unchanged at 5.5%, though some segment of the market was expecting a hike. EUR/USD was at 1.347 from 1.3515 yesterday and GBP/USD was at 1.9855 from 1.9928 yesterday. JPY/USD was at 121.46 from 121.11 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Thu, Jun 7 2007, 12:47 GMT

                                                      0

                                                      0

                                                      The Yen saw some correction occurring from the multi year highs

                                                      Wed, Jun 6 2007, 16:01 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee registered losses today after holding on for the last 2 days, as FII outflows, oil cos demand and NDF related buying supported the Dollar. The USD/INR pair ended at 40.67 from 40.52 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.68% and 2.76% as compared to 2.42% and 2.62% previously.


                                                      • The Yen saw some correction occurring from the multi year highs that it was hovering around since the last few days. EUR/USD was at 1.3515 from 1.3528 yesterday and GBP/USD was at 1.9928 from 1.995 yesterday. JPY/USD was at 121.11 from 121.5 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Wed, Jun 6 2007, 16:01 GMT

                                                      0

                                                      0

                                                      The Sterling made some gains since yesterday's reporting

                                                      Sat, Jun 2 2007, 01:36 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated further as a lot of FII flows hit the market but the RBI was seen supporting the Dollar around 50 levels. The USD/INR pair ended at 40.52 from 40.60 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.58% and 2.73% as compared to 2.62% and 2.74% previously.


                                                      • The Sterling made some gains since yesterday’s reporting, which can be attributed to a downward revision of US GDP. But today’s NFP and ISM data would be vital to form any view with regards to market expectations of the timing of a rate cut. EUR/USD was at 1.344 from 1.3456 yesterday and GBP/USD was at 1.9784 from 1.9779 yesterday. JPY/USD was at 121.91 from 121.54 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Sat, Jun 2 2007, 01:36 GMT

                                                      0

                                                      0

                                                      The Dollar found some support in yesterday's better than expected existing home sales data

                                                      Fri, May 25 2007, 13:59 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee opened higher but was supported by some interbank Dollar selling that brought it closer to yesterday’s close. The USD/INR pair ended at 40.59 from 40.60 earlier.


                                                      • The 6-month and 1-year forward premium was at 4.23% and 3.70% as compared to 4.28% and 3.70% previously.


                                                      • The Dollar found some support in yesterday’s better than expected existing home sales data, while the Yen weakened further as more stop losses got triggered. EUR/USD was at 1.3448 from 1.3442 yesterday and GBP/USD was at 1.9845 from 1.9872 yesterday. JPY/USD was at 121.59 from 121.35 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Fri, May 25 2007, 13:59 GMT

                                                      0

                                                      0

                                                      The Sterling appreciated against the Dollar as the market awaits the BoE minutes due on Wednesday

                                                      Wed, May 23 2007, 01:39 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee gained today as there was some Dollar selling, but towards the close the PSU banks were seen to support the Dollar and contract the gains. The USD/INR pair ended at 40.58 from 40.67 earlier.


                                                      • The 6-month and 1-year forward premium was at 4.13% and 3.66% as compared to 4.08% and 3.66% previously.


                                                      • The Sterling appreciated against the Dollar as the market awaits the BoE minutes due on Wednesday, hopeful for a more hawkish stance. EUR/USD was at 1.3449 from 1.3445 yesterday and GBP/USD was at 1.9725 from 1.9694 yesterday. JPY/USD was at 121.47 from 121.51 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Wed, May 23 2007, 01:39 GMT

                                                      0

                                                      0

                                                      The Yen weakened after a rebound in equity markets induced investors to buy higher yielding assets

                                                      Mon, May 14 2007, 14:06 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated amid huge dollar selling pressure. The USD/INR pair ended at 40.87 from 41.21 earlier.


                                                      • The 6-month and 1-year forward premium was at 4.92% and 4.25% as compared to 4.42% and 3.96% previously.


                                                      • The Yen weakened after a rebound in equity markets induced investors to buy higher yielding assets. EUR/USD was at 1.3547 from 1. 3486 yesterday and GBP/USD was at 1.9801 from 1. 9792 yesterday. JPY/USD was at 120.31 from 119.11 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Mon, May 14 2007, 14:06 GMT

                                                      0

                                                      0

                                                      The Dollar position improved against the majors ahead of the inflation data

                                                      Mon, Apr 30 2007, 14:14 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee stayed range bound intraday, but ended weaker getting supported at 17 levels, even though there was some Dollar selling in the market. The USD/INR pair ended at 41.19 from 41.09 earlier.


                                                      • The 6-month and 1-year forward premium was at 6.06% and 4.85% as compared to 6.80% and 5.12% previously.


                                                      • The Dollar position improved against the majors ahead of the inflation data that might signal renewed inflationary pressures and hence postpone a likely Fed rate cut. USD/JPY was at 119.7 from 119.32 on Friday. EUR/USD was at 1.3612 from 1. 3645 on Friday and GBP/USD was at 1.9934 from 2.00 on Friday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Mon, Apr 30 2007, 14:14 GMT

                                                      0

                                                      0

                                                      The Dollar depreciated against the majors ahead of the Q1 annualized GDP advance estimate

                                                      Fri, Apr 27 2007, 13:26 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee depreciated today as market saw interbank buying, along with corporates who also bought the Dollar. The USD/INR pair ended at 41.09 from 40.90 earlier.


                                                      • The 6-month and 1-year forward premium was at 6.80% and 5.12% as compared to 6.55% and 5.00% previously.


                                                      • The Dollar depreciated against the majors ahead of the Q1 annualized GDP advance estimate that is likely build market expectations of a rate cut. USD/JPY was at 119.32 from 119.37 yesterday. EUR/USD was at 1.3645 from 1. 3609 yesterday and GBP/USD was at 2.00 from 1.9943 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Fri, Apr 27 2007, 13:26 GMT

                                                      0

                                                      0

                                                      The Yen weakened today as the market awaits the CPI data

                                                      Thu, Apr 26 2007, 13:46 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee market saw some buying today due to month end demand and NFF calculations, which enabled the Rupee to close near yesterday’s level. The USD/INR pair ended at 40.90 from 40.90 earlier.


                                                      • The 6-month and 1-year forward premium was at 6.55% and 5.00% as compared to 6.17% and 4.82% previously.


                                                      • The Yen weakened today as the market awaits the CPI data that is likely to strengthen the view that BoJ will wait longer before raising rates. USD/JPY was at 119.37 from 118.6 yesterday. EUR/USD was at 1.3609 from 1.3652 yesterday and GBP/USD was at 1.9943 from 2.0044 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Thu, Apr 26 2007, 13:46 GMT

                                                      0

                                                      0

                                                      The Sterling strengthened further as the GDP growth rate for Q1 2007

                                                      Wed, Apr 25 2007, 13:56 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee breached the 41 level once again today as investors continued to short Dollar. The USD/INR pair ended at 40.90 from 41.17 earlier.


                                                      • The 6-month and 1-year forward premium was at 6.17% and 4.82% as compared to 5.93% and 4.73% previously.


                                                      • The Sterling strengthened further as the GDP growth rate for Q1 2007 showed the economy to have maintained the strong growth momentum. USD/JPY was at 118.6 from 118.85 yesterday. EUR/USD was at 1.3652 from 1.3581 yesterday and GBP/USD was at 2.0044 from 1.9994 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Wed, Apr 25 2007, 13:56 GMT

                                                      0

                                                      0

                                                      The Sterling stayed strong against the Dollar powered by market expectations of a rate hike next month

                                                      Tue, Apr 24 2007, 14:05 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee fell to a fresh low today as market saw a renewed surge of Dollar selling. The USD/INR pair ended at 41.17 from 41.68 earlier.


                                                      • The 6-month and 1-year forward premium was at 5.93% and 4.73% as compared to 6.7% and 5.02% previously.


                                                      • The Sterling stayed strong against the Dollar powered by market expectations of a rate hike next month. USD/JPY was at 118.85 from 118.7 yesterday. EUR/USD was at 1.3581 from 1.3558 yesterday and GBP/USD was at 1.9994 from 1.9997 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Tue, Apr 24 2007, 14:05 GMT

                                                      0

                                                      0

                                                      The Yen gained against the euro after Standard and Poor's increased Japan's debt rating to AA

                                                      Mon, Apr 23 2007, 13:48 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee touched a fresh nine-year high on the back of capital inflows. The USD/INR pair ended at 41.68 from 41.76 earlier.


                                                      • The 6-month and 1-year forward premium was at 6.7% and 5.02% as compared to 6.49% and 4.91% previously.


                                                      • The Yen gained against the euro after Standard and Poor’s increased Japan’s debt rating to AA thereby improving the appeal of assets denominated in Yen. USD/JPY was at 118.7 from 117.89 on Friday. EUR/USD was at 1.3558 from 1.3594 on Friday and GBP/USD was at 1.9997 from 2.0017 on Friday. *


                                                      *These levels are taken at 20:15 IST.

                                                      Published on  Mon, Apr 23 2007, 13:48 GMT

                                                      0

                                                      0

                                                      The Euro is heading for a fourth week of gains against the dollar

                                                      Fri, Apr 20 2007, 15:22 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated as inflation numbers came higher than expected, fuelling speculation of further tightening measures in the coming policy meeting. The USD/INR pair ended at 41.76 from 42.08 earlier.


                                                      • The 6-month and 1-year forward premium was at 6.49% and 4.91% as compared to 6.10% and 4.68% previously.


                                                      • The Euro is heading for a fourth week of gains against the dollar as ECB policy makers signaled higher interest rates are needed to contain inflation. USD/JPY was at 118.88 from 117.89 yesterday. EUR/USD was at 1.3595 from 1.3594 yesterday and GBP/USD was at 2.0027 from 2.0017 yesterday.


                                                      *These levels are taken at 20:15 IST.

                                                      Published on  Fri, Apr 20 2007, 15:22 GMT

                                                      0

                                                      0

                                                      The Yen advanced amid speculation that the Bank of Japan may raise rates

                                                      Thu, Apr 19 2007, 13:20 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      The Rupee ended a little lower due to strong Dollar demand from importers. The USD/INR pair ended at 42.08 from 42.01 earlier.


                                                      • The 6-month and 1-year forward premium was at 6.10% and 4.68% as compared to 6.28% and 4.78% previously.


                                                      • The Yen advanced amid speculation that the Bank of Japan may raise rates after Japanese service industries expanded by more than what was forecast. USD/JPY was at 117.89 from 118.37 yesterday. EUR/USD was at 1.3594 from 1.3593 yesterday and GBP/USD was at 2.0017 from 2.0071 yesterday. *


                                                      *These levels are taken at 18.30 IST.

                                                      Published on  Thu, Apr 19 2007, 13:20 GMT

                                                      0

                                                      0

                                                      The Yen advanced versus the dollar and euro on speculation inflation may accelerate in Japan

                                                      Wed, Apr 18 2007, 14:46 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee ended almost flat today. The USD/INR pair ended at 42.01 from 41.99 earlier.


                                                      • The 6-month and 1-year forward premium was at 6.28% and 4.78% as compared to 6.21% and 4.68% previously.


                                                      • The Yen advanced versus the dollar and euro on speculation inflation may accelerate in Japan, encouraging traders to exit bets on the currency's decline. USD/JPY was at 118.37 from 119.4 yesterday. EUR/USD was at 1.3593 from 1.3548 yesterday and GBP/USD was at 2.0071 from 2.0022 yesterday. *


                                                      *These levels are taken at 19.30 IST.

                                                      Published on  Wed, Apr 18 2007, 14:46 GMT

                                                      0

                                                      0

                                                      The British pound touched $2 after almost 15 years

                                                      Tue, Apr 17 2007, 13:18 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened slightly today. The USD/INR pair ended at 41.98 from 41.91 earlier.


                                                      • The 6-month and 1-year forward premium was at 6.21% and 4.68% as compared to 6.45% and 4.83% previously.


                                                      • The British pound touched $2 after almost 15 years after inflation numbers showed a higher than expected figure. USD/JPY was at 119.4 from 119.74 yesterday. EUR/USD was at 1.3548 from 1.3535 yesterday and GBP/USD was at 2.0022 from 1.9898 yesterday. *


                                                      *These levels are taken at 17.30 IST.

                                                      Published on  Tue, Apr 17 2007, 13:18 GMT

                                                      0

                                                      0

                                                      The Yen touched a record low against the euro

                                                      Tue, Apr 17 2007, 08:14 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee strengthened considerably today amidst massive Dollar selling by corporates in the Rupee market. The USD/INR pair ended at 41.91 from 42.51 earlier.


                                                      • The 6-month and 1-year forward premium was at 6.45% and 4.83% as compared to 5.95% and 4.57% previously.


                                                      • The Yen touched a record low against the euro and slid to its lowest level versus the Dollar since February as concerns the G7 would address the Japanese currency's weakness failed to materialize, prompting traders to load up on carry trades. USD/JPY was at 119.82 from 118.55 yesterday. EUR/USD was at 1.3545 from 1.3538 yesterday and GBP/USD was at 1.9901 from 1.9866 yesterday. *


                                                      *These levels are taken at 22.00 IST.

                                                      Published on  Tue, Apr 17 2007, 08:14 GMT

                                                      0

                                                      0

                                                      The Euro trimmed its gains against the Dollar after the ECB left rates unchanged at 3.75%

                                                      Thu, Apr 12 2007, 15:50 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated today as market participants continued to sell Dollar, but the central bank did not intervene to support the Dollar. The USD/INR pair ended at 42.82 from 42.87 earlier.


                                                      • The 6-month and 1-year forward premium was at 5.36% and 4.20% as compared to 4.93% and 3.99% previously.


                                                      • The Euro trimmed its gains against the Dollar after the ECB left rates unchanged at 3.75%. The market now awaits comments by President Trichet to signal a rate hike and that is going to be a big positive for the euro. USD/JPY was at 119.27 from 119.23 yesterday. EUR/USD was at 1.3465 from 1.342 yesterday and GBP/USD was at 1.9779 from 1.9771 yesterday. *


                                                      *These levels are taken at 18.00 IST.

                                                      Published on  Thu, Apr 12 2007, 15:50 GMT

                                                      0

                                                      0

                                                      The Dollar weakened against the majors as the Dollar sentiment wavered

                                                      Tue, Apr 10 2007, 14:30 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated today as market participants sold Dollar but RBI was supporting the greenback under the 80 levels. The USD/INR pair ended at 42.83 from 42.91 earlier.


                                                      • The 6-month and 1-year forward premium was at 5.00% and 4.04% as compared to 5.13% and 4.08% previously.


                                                      • The Dollar weakened against the majors as the Dollar sentiment wavered, wiping off gains made after the strong payroll data. USD/JPY was at 119.18 from 119.28 yesterday. EUR/USD was at 1.3415 from 1.3363 yesterday and GBP/USD was at 1.9737 from 1.9611 yesterday. *


                                                      *These levels are taken at 18.00 IST.

                                                      Published on  Tue, Apr 10 2007, 14:30 GMT

                                                      0

                                                      0

                                                      The Dollar strengthened against the Sterling as the Bank of England left rates unchanged at 5.25%

                                                      Thu, Apr 5 2007, 14:48 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee market saw limited activity today but the sentiment stayed low on Dollar that helped Rupee close lower than yesterday. The USD/INR pair ended at 42.92 from 43.06 earlier.


                                                      • The 6-month and 1-year forward premium was at 5.41% and 4.27% as compared to 5.11% and 4.11% previously.


                                                      • The Dollar strengthened against the Sterling as the Bank of England left rates unchanged at 5.25% in the MPC meeting today. USD/JPY was at 118.85 from 118.73 yesterday. EUR/USD was at 1.3376 from 1.3368 yesterday and GBP/USD was at 1.9702 from 1.9753 yesterday. *


                                                      *These levels are taken at 18.00 IST.

                                                      Published on  Thu, Apr 5 2007, 14:48 GMT

                                                      0

                                                      0

                                                      The Dollar suffered limited losses after a worse than expected ISM data

                                                      Tue, Apr 3 2007, 13:06 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated today as market reacted to the surprise repo rate hike announced by the RBI on Friday. But intervention prevented the Rupee from breaching the 43 level. The USD/INR pair ended at 43.06 from 43.29 earlier.


                                                      • The 6-month and 1-year forward premium was at 5.93% and 4.56% as compared to 4.40% and 3.67% previously.


                                                      • The Dollar suffered limited losses after a worse than expected ISM data, managing to recover against the Euro, though the Sterling is still strong ahead of the BoE rate decision. EUR/USD was at 1.3362 from 1.3366 yesterday and GBP/USD was at 1.976 from 1.977 yesterday. USD/JPY was at 118.68 from 117.87 yesterday*.


                                                      *These levels are taken at 19:30 IST.

                                                      Published on  Tue, Apr 3 2007, 13:06 GMT

                                                      0

                                                      0

                                                      The Dollar appreciated against the majors as better than expected US GDP data

                                                      Fri, Mar 30 2007, 13:50 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated over the day as tight liquidity saw call rates jump high and market was seen going short Dollar. The USD/INR pair ended at 43.45 from 43.74 earlier.


                                                      • The 6-month and 1-year forward premium was at 4.40% and 3.67% as compared to 4.05% and 3.46% previously.


                                                      • The Dollar appreciated against the majors as better than expected US GDP data turned the sentiment in favor of the greenback. EUR/USD was at 1.3315 from 1.3351 yesterday and GBP/USD was at 1.9571 from 1.9651 yesterday. USD/JPY was at 118.17 from 117.38 yesterday*.


                                                      *These levels are taken at 19:30 IST.

                                                      Published on  Fri, Mar 30 2007, 13:50 GMT

                                                      0

                                                      0

                                                      The Dollar continued to be range bound

                                                      Thu, Mar 29 2007, 13:41 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee could not keep yesterday’s gains as market participants squared their short positions. The USD/INR pair ended at 43.74 from 43.05 earlier.


                                                      • The 6-month and 1-year forward premium was at 4.05% and 3.46% as compared to 5.31% and 4.04% previously.


                                                      • The Dollar continued to be range bound, even though there was some weakening due to a weaker than expected durable goods data. EUR/USD was at 1.3351 from 1.3346 yesterday and GBP/USD was at 1.9651 from 1.9639 yesterday. USD/JPY was at 117.38 from 117.18 yesterday*.


                                                      *These levels are taken at 19:30 IST.

                                                      Published on  Thu, Mar 29 2007, 13:41 GMT

                                                      0

                                                      0

                                                      The Dollar stayed range bound as the market awaits the durable sales data to provide direction

                                                      Wed, Mar 28 2007, 13:05 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated to a more than 7-year high as market participants continued to sell Dollar while the central bank kept away from supporting the greenback. The USD/INR pair ended at 43.05 from 43.29 earlier.


                                                      • The 6-month and 1-year forward premium was at 5.31% and 4.04% as compared to 5.45% and 4.15% previously.


                                                      • The Dollar stayed range bound as the market awaits the durable sales data to provide direction. EUR/USD was at 1.3346 from 1.3351 yesterday and GBP/USD was at 1.9639 from 1.9657 yesterday. USD/JPY was at 117.18 from 117.81 yesterday*.


                                                      *These levels are taken at 19:30 IST.

                                                      Published on  Wed, Mar 28 2007, 13:05 GMT

                                                      0

                                                      0

                                                      The Dollar appreciated against the Yen as housing data last week

                                                      Mon, Mar 26 2007, 13:32 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated today with market participants going Dollar short in spot, anticipating a tight liquidity situation in the coming days. The USD/INR pair ended at 43.29 from 43.57 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.97% and 4.15% as compared to 3.97% and 3.37% previously.


                                                      • The Dollar appreciated against the Yen as housing data last week cooled expectations of a rate cut any time soon. EUR/USD was at 1.327 from 1.3322 on Friday and GBP/USD was at 1.9613 from 1.9659 on Friday. USD/JPY was at 118.32 from 117.68 on Friday*.

                                                      *These levels are taken at 19:30 IST.

                                                      Published on  Mon, Mar 26 2007, 13:32 GMT

                                                      0

                                                      0

                                                      The Dollar stayed range bound today as the market awaits the FOMC decision

                                                      Wed, Mar 21 2007, 13:13 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee appreciated to a 19 month high as severe liquidity conditions forced banks to liquidate their Dollar holdings. The USD/INR pair ended at 43.44 from 43.75 earlier.


                                                      • The 6-month and 1-year forward premium was at 4.73% and 3.74% as compared to 4.41% and 3.61% previously.


                                                      • The Dollar stayed range bound today as the market awaits the FOMC decision. EUR/USD was at 1.33 from 1.3289 yesterday and GBP/USD was at 1.9589 from 1.9568 yesterday. USD/JPY was at 117.79 from 117.8 yesterday*.


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Wed, Mar 21 2007, 13:13 GMT

                                                      0

                                                      0

                                                      The Sterling rose against the Dollar as better than expected inflation data

                                                      Tue, Mar 20 2007, 13:03 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee strengthened further since tight liquidity conditions have forced banks to sell Dollar. The USD/INR pair ended at 43.75 from 44.11 earlier.


                                                      • The 6-month and 1-year forward premium was at 4.41% and 3.61% as compared to 3.58% and 3.21% previously.


                                                      • The Sterling rose against the Dollar as better than expected inflation data along with indications of rising wage pressures have raised market expectations that the BoE might hike rates once more. EUR/USD was at 1.3289 from 1.3302 yesterday and GBP/USD was at 1.9568 from 1.9442 yesterday. USD/JPY was at 117.8 from 117.52 yesterday*.


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Tue, Mar 20 2007, 13:03 GMT

                                                      0

                                                      0

                                                      The Dollar slid to a 3 month low against the Euro

                                                      Fri, Mar 16 2007, 13:45 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee strengthened considerably due to inflows but the RBI was seen to intervene through the PSU banks. The USD/INR pair ended at 44.11 from 44.19 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.58% and 3.21% as compared to 3.52% and 3.20% previously.


                                                      • The Dollar slid to a 3 month low against the Euro as market sentiment seems to be turning against the greenback with housing sector and subprime mortgage sector woes adding to the investors discomfort. EUR/USD was at 1.3333 from 1.3216 yesterday and GBP/USD was at 1.9492 from 1.9357 yesterday. USD/JPY was at 116.59 from 117.35 yesterday*.


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Fri, Mar 16 2007, 13:45 GMT

                                                      0

                                                      0

                                                      The Dollar managed to turn the tide against the Yen

                                                      Thu, Mar 15 2007, 12:58 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee recovered slightly as there was some corporate demand during the day, but the movement other wise remained range bound. The USD/INR pair ended at 44.19 from 44.25 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.52% and 3.20% as compared to 3.42% and 3.14% previously.


                                                      • The Dollar managed to turn the tide against the Yen as rising US share prices helped investors regain confidence though they continued to exercise caution amidst recent signs of trouble in the US subprime mortgage market. EUR/USD was at 1.3216 from 1.3191 yesterday and GBP/USD was at 1.9357 from 1.9244 yesterday. USD/JPY was at 117.35 from 116.31 yesterday*.

                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Thu, Mar 15 2007, 12:58 GMT

                                                      0

                                                      0

                                                      The Dollar continued to weaken against the Yen

                                                      Wed, Mar 14 2007, 13:15 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened during the day as the global equities fall prompted some withdrawal from the rupee market. The USD/INR pair ended at 44.25 from 44.21 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.42% and 3.14% as compared to 3.27% and 3.07% previously.


                                                      • The Dollar continued to weaken against the Yen as reports of rising delinquencies in the subprime mortgage market prompted investors to move out of risky assets, leading to carry trade unwindings. EUR/USD was at 1.3191 from 1.3187 yesterday and GBP/USD was at 1.9244 from 1.9297 yesterday. USD/JPY was at 116.31 from 116.8 yesterday*.


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Wed, Mar 14 2007, 13:15 GMT

                                                      0

                                                      0

                                                      The Dollar stayed range bound against the Euro as the market awaits the crucial retail sales data

                                                      Tue, Mar 13 2007, 13:39 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee registered slight improvement but the market was still seen to exercise caution near the financial year-end. The USD/INR pair ended at 44.21 from 44.23 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.27% and 3.07% as compared to 3.04% and 2.93% previously.


                                                      • The Dollar stayed range bound against the Euro as the market awaits the crucial retail sales data. EUR/USD was at 1.3187 from 1.3174 yesterday and GBP/USD was at 1.9297 from 1.9381 yesterday. USD/JPY was at 116.8 from 117.7 yesterday*.


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Tue, Mar 13 2007, 13:39 GMT

                                                      0

                                                      0

                                                      The Dollar weakened against the Sterling after higher than expected PPI data

                                                      Mon, Mar 12 2007, 11:55 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened slightly, staying range bound for most of the day. The USD/INR pair ended at 44.23 from 44.20 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.04% and 2.93% as compared to 3.15% and 2.98% previously.


                                                      • The Dollar weakened against the Sterling after higher than expected PPI data raised expectations that the BoE might think of raising rates again. EUR/USD was at 1.3174 from 1.315 on Friday and GBP/USD was at 1.9381 from 1.9317 on Friday. USD/JPY was at 117.7 from 117.34 on Friday*.


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Mon, Mar 12 2007, 11:55 GMT

                                                      0

                                                      0

                                                      The Dollar weakened with expectations of weak NFP data later today

                                                      Fri, Mar 9 2007, 14:04 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee strengthened further today as the Yen weakened, sparking speculation that the unwinding in carry trade has got over. The USD/INR pair ended at 44.20 from 44.33 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.15% and 2.98% as compared to 3.17% and 3.03% previously.


                                                      • The Dollar weakened with expectations of weak NFP data later today. EUR/USD was at 1.315 from 1.3133 yesterday and GBP/USD was at 1.9317 from 1.9283 yesterday. USD/JPY was at 117.34 from 117.17 yesterday*.


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Fri, Mar 9 2007, 14:04 GMT

                                                      0

                                                      0

                                                      The Dollar strengthened against the Sterling after the Bank of England left rates unchanged at 5.25%

                                                      Thu, Mar 8 2007, 13:35 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee strengthened today at the back of FII flows, which saw the Sensex stage a comeback. The USD/INR pair ended at 44.335 from 44.495 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.17% and 3.03% as compared to 2.97% and 2.91%
                                                      previously.


                                                      • The Dollar strengthened against the Sterling after the Bank of England left rates unchanged at 5.25%. EUR/USD was at 1.3146 from 1.3124 yesterday and GBP/USD was at 1.9315 from 1.9329 yesterday. USD/JPY was at 117.17 from 116.43 yesterday*.


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Thu, Mar 8 2007, 13:35 GMT

                                                      0

                                                      0

                                                      The Dollar stayed range bound today as the market awaits the BoE and ECB rate hike decision tomorrow

                                                      Wed, Mar 7 2007, 13:19 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened a little due to FII outflows, with the movement closely tracking the sensex. The USD/INR pair ended at 44.495 from 44.465 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.97% and 2.91% as compared to 2.90% and 2.86% previously.


                                                      • The Dollar stayed range bound today as the market awaits the BoE and ECB rate hike decision tomorrow. EUR/USD was at 1.3124 from 1.3117 yesterday and GBP/USD was at 1.9283 from 1.9286 yesterday. USD/JPY was at 116.43 from 116.51 yesterday*.


                                                      *These levels are taken at 19:00 IST.

                                                      Published on  Wed, Mar 7 2007, 13:19 GMT

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                                                      The Dollar managed to recover against the Yen

                                                      Tue, Mar 6 2007, 13:30 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee recovered slightly due to squaring of long Dollar positions as the recovering sensex boosted investor confidence. The USD/INR pair ended at 44.465 from 44.635 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.90% and 2.86% as compared to 2.82% and 2.81% previously.


                                                      • The Dollar managed to recover against the Yen today after registering heavy losses over the last four days. EUR/USD was at 1.3117 from 1.3096 yesterday and GBP/USD was at 1.9286 from 1.9218 yesterday. USD/JPY was at 116.51 from 115.54 yesterday*.


                                                      *These levels are taken at 19:00 IST.

                                                      Published on  Tue, Mar 6 2007, 13:30 GMT

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                                                      The Dollar weakened further against the Yen

                                                      Mon, Mar 5 2007, 14:44 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee registered a sharp drop today due to FII outflows, cash Dollar shortage and general Dollar strength. The USD/INR pair ended at 44.635 from 44.30 earlier.


                                                      • The 6-month and 1-year forward premium was at 2.82% and 2.81% as compared to 3.03% and 2.93% previously.


                                                      • The Dollar weakened further against the Yen as carry trade unwinding continued to boost the Yen. EUR/USD was at 1.3096 from 1.3166 yesterday and GBP/USD was at 1.9218 from 1.9446 yesterday. USD/JPY was at 115.54 from 116.88 on Friday*.


                                                      *These levels are taken at 19:00 IST.

                                                      Published on  Mon, Mar 5 2007, 14:44 GMT

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                                                      The Dollar garnered heavy losses against the yen

                                                      Fri, Mar 2 2007, 13:13 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened today due to corporate outflows, even as the Central bank refrained from intervention. The USD/INR pair ended at 44.30 from 44.265 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.03% and 2.93% as compared to 3.23% and 2.98% previously.


                                                      • The Dollar garnered heavy losses against the yen as the carry trade unwinding seemed to pick up pace. EUR/USD was at 1.3166 from 1.3219 yesterday and GBP/USD was at 1.9446 from 1.9632 yesterday. USD/JPY was at 116.88 from 118.04 yesterday*.


                                                      *These levels are taken at 19:00 IST.

                                                      Published on  Fri, Mar 2 2007, 13:13 GMT

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                                                      The Dollar appears range bound against the Euro

                                                      Thu, Mar 1 2007, 14:04 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee stayed range bound today as the market searched for fresh cues for taking positions. The USD/INR pair ended at 44.265 from 44.275 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.23% and 2.98% as compared to 3.44% and 3.15% previously.


                                                      • The Dollar appears range bound against the Euro but has further extended losses against the yen, which is speculated to be due to unwinding of carry trade positions. EUR/USD was at 1.3219 from 1.3217 yesterday and GBP/USD was at 1.9632 from 1.963 yesterday. USD/JPY was at 118.04 from 118.4 yesterday*.


                                                      *These levels are taken at 19:00 IST.

                                                      Published on  Thu, Mar 1 2007, 14:04 GMT

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                                                      The Dollar extended losses against the Yen due to the unwinding of the USD/JPY carry trade

                                                      Wed, Feb 28 2007, 14:06 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee closed at a month low as the PSU’s again intervened to support the Dollar. The USD/INR pair ended at 44.275 from 44.215earlier.


                                                      • The 6-month and 1-year forward premium was at 3.44% and 3.15% as compared to 3.41% and 3.11% previously.


                                                      • The Dollar extended losses against the Yen due to the unwinding of the USD/JPY carry trade. EUR/USD was at 1.3217 from 1.3215 yesterday and GBP/USD was at 1.963 from 1.9649 yesterday. USD/JPY was at 118.4 from 119.4 yesterday*.


                                                      *These levels are taken at 19:00 IST.

                                                      Published on  Wed, Feb 28 2007, 14:06 GMT

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                                                      The Dollar further weakened against the majors

                                                      Tue, Feb 27 2007, 13:50 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened slightly even though there was some demand in the market, as the PSU’s again intervened to support the Dollar. The USD/INR pair ended at 44.215 from 44.20 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.41% and 3.11% as compared to 3.24% and 3.01% previously.


                                                      • The Dollar further weakened against the majors as the tension regarding Iran’s nuclear program escalate. EUR/USD was at 1.3215 from 1.3154 yesterday and GBP/USD was at 1.9649 from 1.9626 yesterday. USD/JPY was at 119.4 from 120.63 yesterday*.


                                                      *These levels are taken at 17:30 IST.

                                                      Published on  Tue, Feb 27 2007, 13:50 GMT

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                                                      The Dollar weakened against the Yen today

                                                      Mon, Feb 26 2007, 13:07 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee did appreciate during the day’s trade but intervention towards the close of the day supported the greenback. The USD/INR pair ended at 44.20 from 44.19 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.24% and 3.01% as compared to 3.22% and 3.02% previously.


                                                      • The Dollar weakened against the Yen today, which according to the market could reflect some carry trade unwinding, but it would be too early to comment on this with certainty. EUR/USD was at 1.3154 from 1.314 on Friday and GBP/USD was at 1.9626 from 1.9627 on Friday. USD/JPY was at 120.63 from 121.17 on Friday*.


                                                      *These levels are taken at 19:00 IST.

                                                      Published on  Mon, Feb 26 2007, 13:07 GMT

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                                                      The Dollar witnessed some weakness today against the majors

                                                      Fri, Feb 23 2007, 14:42 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee recovered slightly towards the close of the week as the central bank today acted against market expectations and refrained from intervening in the market. The USD/INR pair ended at 44.19 from 44.24 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.22% and 3.02% as compared to 3.09% and 2.93% previously.


                                                      • The Dollar witnessed some weakness today against the majors but has essentially stayed range bound over the last few days. EUR/USD was at 1.314 from 1.3092 yesterday and GBP/USD was at 1.9627 from 1.9506 yesterday. USD/JPY was at 121.17 from 121.33 yesterday*.


                                                      *These levels are taken at 19:00 IST.

                                                      Published on  Fri, Feb 23 2007, 14:42 GMT

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                                                      The Dollar recovered against the majors today after a firmer inflation data

                                                      Thu, Feb 22 2007, 15:21 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened today as PSU intervention along with month-end Dollar demand took the Rupee down. The USD/INR pair ended at 44.24 from 44.19 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.09% and 2.93% as compared to 3.03% and 2.93% previously.


                                                      • The Dollar recovered against the majors today after a firmer inflation data and January FOMC minutes have pushed back market expectations of a rate cut this year. EUR/USD was at 1.3092 from 1.3133 yesterday and GBP/USD was at 1.9506 from 1.9526 yesterday. USD/JPY was at 121.33 from 120.81 yesterday*.


                                                      *These levels are taken at 18:00 IST.

                                                      Published on  Thu, Feb 22 2007, 15:21 GMT

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                                                      The Dollar strengthened against the Yen despite the BoJ announcing a rate hike

                                                      Thu, Feb 22 2007, 02:17 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee closed near yesterday’s level as the PSU’s were there to support the Dollar on any dips. The USD/INR pair ended at 44.19 from 44.13 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.03% and 2.93% as compared to 3.28% and 3.09% previously.


                                                      • The Dollar strengthened against the Yen despite the BoJ announcing a rate hike, as governor Fukui signaled that further rate hikes would be gradual. EUR/USD was at 1.3133 from 1.3138 yesterday and GBP/USD was at 1.9526 from 1.9497 yesterday. USD/JPY was at 120.81 from 120.23 yesterday*.


                                                      *These levels are taken at 18:00 IST.

                                                      Published on  Thu, Feb 22 2007, 02:17 GMT

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                                                      The Dollar weakened against the Sterling after the BoE inflation report was release

                                                      Wed, Feb 14 2007, 15:09 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      The Rupee recovered today as banks went short Dollar amidst tight liquidity at the back of a CRR hike of 50 bps by the RBI. The USD/INR pair ended at 44.12 from 44.21 earlier.

                                                      The 6-month and 1-year forward premium was at 3.62% and 3.26% as compared to 3.12% and 2.92% previously.

                                                      The Dollar weakened against the Sterling after the BoE inflation report was release, signaling a rate hike might ensue in the future. EUR/USD was at 1.308 from 1.3026 yesterday and GBP/USD was at 1.9549 from 1.9441 yesterday. USD/JPY was at 121.1 from 121.23 yesterday*.


                                                      *These levels are taken at 18:00 IST.

                                                      Published on  Wed, Feb 14 2007, 15:09 GMT

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                                                      The Dollar weakened against the Euro after better than expected data

                                                      Tue, Feb 13 2007, 13:57 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee extended its losses slipping to a two week low as investor confidence wavered after the stock market slipped and suspected central bank intervention. The USD/INR pair ended at 44.21 from 44.16 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.12% and 2.92% as compared to 3.02% and 2.89% previously.


                                                      • The Dollar weakened against the Euro after better than expected data signaled that the economy is growing strong. EUR/USD was at 1.3026 from 1.2952 yesterday and GBP/USD was at 1.9441 from 1.9468 yesterday. USD/JPY was at 121.23 from 121.89 yesterday*.


                                                      *These levels are taken at 18:00 IST.

                                                      Published on  Tue, Feb 13 2007, 13:57 GMT

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                                                      The Dollar rode to a 4 yr peak against the Yen

                                                      Mon, Feb 12 2007, 14:37 GMT
                                                      by ICICI Bank Treasury Research Group

                                                      ICICI Bank


                                                      • The Rupee weakened slightly amidst speculation that the RBI was intervening in the market and expectations of corporate acquisition outflows. The USD/INR pair ended at 44.16 from 44.12 earlier.


                                                      • The 6-month and 1-year forward premium was at 3.02% and 2.89% as compared to 3.21% and 3.01% previously.


                                                      • The Dollar rode to a 4 yr peak against the Yen post the G7 meeting in which no explicit mention of Yen’s weakness was made in the meet. EUR/USD was at 1.2952 from 1.3003 on Friday and GBP/USD was at 1.9468 from 1.9473 on Friday. USD/JPY was at 121.89 from 121.60 on Friday*.


                                                      *These levels are taken at 18:00 IST.

                                                      Published on